Escondido Refinance - Fha Refinance - Colorado Springs Refinance 345

Because traditional mortgage companies and brokers have access to wholesale mortgage interest rates and are more likely to negotiate over markup and fees, you should never take out a mortgage loan from your Bank. Because banks fund their loans with the bank’s money, many people mistakenly think taking out a mortgage from the bank or credit union is going to be cheaper than taking out a retail mortgage loan. Now you might be asking yourself how RESPA factors into this. Banks and Broker-Banks are a unique type of mortgage originator as they fund their mortgage loans with their own money; Broker-Banks are simply banks pretending to be mortgage brokers. The problem with taking out a mortgage from your Bank is that they are not required to disclose any of this markup due to loopholes in the Real Estate Settlement Procedures Act. You may need to know about deed of trust foreclosure, power of sale or judicial foreclosure. If it wins, it will have total ownership of the property and may do anything with it. To get your hands on this free video tutorial: "Mortgage Refinance - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com. Your loan representative will show you the bank’s rate sheets and swear the interest rate isn’t marked up; however, if you check Fannie Mae’s weekly yield you’ll see the bank’s markup clear as day. This means your bank is not required to disclose any of their fees or markup of your mortgage rate beyond the Annual Percentage Rate (APR) required by separate Truth in Lending legislation. Here are several reasons why you should never take out a mortgage loan from your bank. Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. The Real Estate Settlement Procedures Act (RESPA) protects homeowners from abusive lending practices by requiring mortgage lenders to disclose all of the fees associated with their loans. Bank mortgage loans are often called “correspondent loans� because after the banker completes your mortgage that bank will immediately turn around and sell it on the secondary market. To get your hands on this "Mortgage Refinancing Toolkit," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com. Banks exploit the loopholes in RESPA to make their loans seem more affordable with the fees and closing costs; however, they hit you with undisclosed SRP markup on your interest rate. The Real Estate Settlement Procedures Act exists to protect homeowners from abusive lending practices by requiring lenders to disclose their fees and markup. Your bank doesn’t do this collecting the interest from payment you send in every month; banks make the majority of their profits selling loans on the secondary market. Fortunately for you, there is a way to spot it. Fannie Mae publishes the weekly yield on their website with their press releases. To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below. No one but the bank knows how much they are profiting by selling your loan; the more they overcharge you for the loan, the more the bank will profit. Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. Simply compare bank rates to those offered by a wholesale mortgage broker and you will quickly understand why bank originated mortgage loans are a bad idea. The Banking Lobby spent millions of dollars to have this law changed excluding banks from disclosure requirements. Because your Bank is exempt from the Real Estate Settlement Procedures Act that requires mortgage lenders to disclose this markup, the only ones that know how much they are overcharging you is the Bank.

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