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Overpaying
Everything you need to know to get lowest rate.
Avoid mistakes for more savings.
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TIPS TO AVOID OVERPAYING
You are paying too much money for your existing mortgage, and don’t even know it. Homeowners overpay for their mortgage loans because the overwhelming majority do not understand how the retail mortgage market works.
Mortgage lending companies and mortgage brokers know and exploit this lack of understanding to boost their profits. Here are several tips to help you avoid getting cheated on your next mortgage loan.
The Secretary of Housing and Urban Development recently stated that homeowners in the United States overpay $16 billion dollars in closing costs and unnecessary interest each year. This is mortgage lender corruption on an epidemic scale. Banks , mortgage lenders and mortgage brokers prey on confused homeowners just like used car salesmen. If you found out that you were paying double what you thought you were paying for your mortgage, and that your mortgage lender had deceived you, would you be outraged? The fact is homeowners in the United States regularly pay double for their mortgage loans and don’t even know it.
Mortgage lending companies and brokers overcharge you for closing costs and with higher interest rates. When you overpay for your mortgage interest rate you overpay every month with higher payments. Every single mortgage loan sold in the United States has double profit built in, unknown to the borrower. How can you avoid overpaying for your next mortgage loan? Homeowners that learn to recognize the retail markup on their mortgage loans can avoid paying double. Refusing to pay this markup along with careful comparison shopping for the most competitive interest rates and closing costs will help you avoid overpaying the mortgage lender for your new mortgage.
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