| Shopping for a mortgage refinance is like shopping for | | | | force making big bucks as a doctor. |
| just about anything else - paying wholesale is better | | | | Low Risk To the Lender - Even with Bad Credit |
| than retail any day... | | | | Regardless of your poor credit score now, in the |
| You see, an uninformed consumer is the mortgage | | | | broker's eyes you are probably much less of a risk |
| brokers BEST customer - the less you know the | | | | because your ability to pay debts is much better - In a |
| better...for them. | | | | nutshell you have bad credit yet very solid income and |
| The trick is keep the salespeople (the mortgage | | | | very acceptable debt ratio. |
| brokers) honest and you can do it. | | | | So after submitting your application you are offered a |
| Armed with some basic information, you can shave | | | | rate of 6.5% on a $260,000 for a 30-year fixed loan. |
| interest points off your loan saving you big dollars. | | | | You may be tempted to take the deal thinking it's the |
| Even with your bad credit, your interest rate is NOT | | | | best you can do... completely forgetting that your |
| locked in stone based on somemagical formula | | | | Loan is a HOT commodity to MANY brokers. You |
| conjured by your mortgage broker. It is a very | | | | don't need to accept that 6.5% rate! |
| negotiable transaction if you understand the basics of | | | | Is there any reason you can't get 6%? More than likely |
| how mortgages work. | | | | you can, you simply need to shop mortgagebrokers... |
| You credit score, debt ratio and income level qualify | | | | at least 3. By the way... you'll save 32k by getting a |
| you for a range of programs HOWEVER the interest | | | | 6%. |
| rate you are offered is far from being absolute among | | | | Hidden Broker Fees |
| all mortgage brokers... | | | | You are very well paying RETAIL for that loan - step |
| Let's take a basic scenario... | | | | back! You can shave .25% or a .5% off that loan. By |
| Let's assume you have damaged credit, say a 620 | | | | simply shopping and knowing how to 'trim the fat' out |
| credit score and are hunting for a refinance deal. The | | | | of the loan, you will save thousands of dollars - a quick |
| cause of your bad credit score is many late credit | | | | and easy explanation of where this hidden charge |
| card payments in the last couple years. Hey you had a | | | | called Yield Spread Premium is, can be found by |
| crappy job and your wife was still in med school! | | | | visiting the link at the bottom of the page. |
| Things have changed though... | | | | Learn how to identify and use the Yield Spread |
| On the bright side your income has gone up | | | | Premium as a bargaining tool to get the lowest Interest |
| tremendously in the last couple months due to a job | | | | rate. |
| promotion | | | | It's amazingly simple to avoid yet borrowers are |
| As well as your spouse has just entered the work | | | | burning cash needlessly daily. |