Upfront Mortgage Brokers belong to the Upfront Mortgage Broker's Association and agree to conduct their businesses adhering to certain ethical and professional standards. If you are in the process of refinancing your home loan finding a member of this association could help you avoid paying too much for your next mortgage loan. Here are several tips to help you find an Upfront Mortgage Broker when refinancing your mortgage.
The Upfront Mortgage Brokers Association
You can start your search for a mortgage broker by visiting the association's website found at upfrontmortgagebrokers.org. This website maintains a registry of Upfront Mortgage Brokers categorized by State. If your State does not have a broker listed in their registry you can still find a broker willing to offer you wholesale mortgage rates; however, you will have to shop around to find this person.
Why Refinance With an Upfront Mortgage Broker?
Aside from adhering to ethical and professional standards, upfront mortgage brokers will refinance your mortgage without marking up your interest rate for a commission. Most mortgage brokers offer retail interest rates to their customers. They do this by marking up the rate you were approved to get a commission from the lender. This markup of your mortgage interest rate for a commission is called Yield Spread Premium and if you agree to a loan that includes it you could pay thousands of dollars unnecessarily.
If your State is not listed in the association's registry you will have to negotiate to find a mortgage broker willing to offer you wholesale rates. You can start by contacting brokers in the phone book and telling them that you understand how Yield Spread Premium works and will not consider loan offers that include this markup. Tell your potential mortgage brokers that you are willing to pay a reasonable fee for loan origination; however, you will not accept Yield Spread Premium with your new loan.
You can learn more about refinancing your mortgage without paying too much with a free mortgage DVD.
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Steps in Refinancing Mortgage