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Learn To Read A Lender Rate Sheet & Beat Mortgage Brokers At Their Own Game!
By Rob K. Blake - The Mortgage Insider

Bad Credit Credit Creditres Understanding how to price out a loan by reading our Bank Rate Sheets is really quite easy though it may seem intimidating at first. All of our lenders furnish us with rate sheets on a daily basis via the internet or by fax. We follow the rates several times a day in order to properly quote and/or lock the best available rate and term to our customers. When reviewing the rate sheet, we also determine which rate will NOT create a rebate from the lender known as a Yield Spread Premium. We believe upping your rate to make additional revenue over the 1% origination fee is deceptive, dishonest, and a bad business practice.believe me
other's don't hold that opinion.

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Let's use the rate sheet data below to demonstrate how we determine the rate that we quote to our borrowers. We will also show you using the corresponding HSH Survey data how other Brokers and Banks are making enormous undisclosed profits in the form of Yield Spread Premium.

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Bad Company Credit Repair This data was collected from a real Wholesale Lender's (Ampro Mortgage ) Rate sheet dated 03/10/2006. You can confirm the HSH data is real as well by visiting HSH.com.

If you are unable to obtain a loan for any reason, the Lender, if licensed under the Mortgage Broker Practices Act, will, within five (5) days of a written request by you, give copies to you of any appraisal, title report, or credit report paid for by you, and transmit the original appraisal, title report, or credit report to any other mortgage broker or lender to whom you direct. Transmission of these reports includes the right to use these reports. You are also entitled to receive a copy of any appraisal paid for by you, pursuant to the federal Equal Credit Opportunity Act.?/p>

Bad Card Credit Credit 30 Year Fixed
Rate 15 Day 30 Day 45 Day
5.750% 1.350 1.475 1.600
5.875% 0.611 0.736 0.861
6.000% 0.039 0.164 1.826
6.125% (0.392) (0.267) (0.142)
6.250% (0.773) (0.648) (0.523)
6.375% (1.180) (1.055) (0.930)
6.500% (1.623) (1.498) (1.373)
6.625% (2.029) (1.904) (1.773)
6..750% (2.280) (2.155) (2.030)

&Free Credit Report &&Find a Realtor About Us National Home Savings is a free national consumer oriented service that quickly and conveniently matches consumer borrowers with qualified lending professionals. National Home Savings is not a financial institution, mortgage banker, or broker. Our goal is to best serve Homeowners to be matched with lenders who are interested in competing for their mortgage needs.

Bad Car Credit Loan HSH ASSOCIATES The Nation's Largest Publisher of Mortgage
The Nation's Mortgage Market: Average Rates for Residential Mortgages Week ending March 10, 2006
Owner-occupied 1-4 Family and Condos: Previously Occupied Homes Source: HSH Associates

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Bad Credit Loan Mortgage SURVEY CONVENTIONAL MORTGAGES
15 Yr 30 Yr
National Ave. 6.15% 6.51%

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In our example, we will quote our borrower a 30 year rate that carries a lock period of 30 days. If we are seeking to earn only a 1.0% origination fee and NO yield spread premium (back end fee), we will quote the rate of 6.000%. According to the rate sheet, 6.000% actually costs .164% Discount payable to the Lender not Integrity First Mortgage. On this rate sheet, 6.000% is as close to "par pricing" as we can get. As you can see the next higher rate, 6.125% creates .267% of Yield Spread Premium and that's not good. (YSP's are shown in (.267) parenthesis). So with this example let's look at the costs for a loan at
6.00% with us.

Bad Credit Mortgage Refinance Rate: 6.000%, $200,000 Mortgage Loan x 1.0% Broker Origination Fee + 0.164 Discount = $200,000 x 1.164% = $2,328.00

Bad Credit Refinance Now let's show how everyone else does it! First realize that banks and brokers don't usually quote you
the rate you'll close with.they "bait and switch" with low-ball rates and artificially lowered closing costs
to get you to apply with them. Then on closing day, the rates and costs are higher than you expected, but
they claim their Good Faith Estimate was in deed just that.an estimate. You've got the moving van idling
in parking lot, so you sign. They count on the fact you've been painted into a corner and have but one
option.sign.

Bad Credit Mortgage Second How do I know this to be true? One reason is 15 years of asking folks, "How did your last loan go.any surprises at closing?" About 85% of those folks answer "Yes" is that one. Second, every closing exit poll conducted by Fannie Mae and Freddie Mac show the same results. But the most compelling reason is up above on HSH Survey data. It shows for the week ending Mar 10, 2006, the National Average interest rate on CLOSED Loans was 6.51%! (NOTE: HSH has an agreement with their 2000+ survey participants to give them closed loan rates, not "lobby rates" or advertised teaser rates.) I guarantee you that all those folks didn't sign a Good Faith Estimate at application showing them 6.5% because that's not the rate that's been all over the news, radio ads, and the internet over the prior 4-6 weeks when these folks were applying. The loan officer for the bank or broker could very easily advertise in the lobby 6% and have them sign at
6.5%...everyone would balk at that. So they show them 6.00%, get them to sign, and then sometime during processing or just at the closing, the borrower is informed his rate had to be adjusted upward. They will get very creative on explaining all the reasons why that had to happen, but suffice it to say, the real reason is they needed the extra revenue that the Yield Spread Premium creates at 6.5%. So with this rate sheet data, let's look at what they made.

Bad Credit Loan Student Rate: 6.500%, $200,000 Mortgage Loan x 1.0% Broker Origination Fee +1.498 YSP = $200,000 x
2.498% = $4,996.00

Bad Card Credit The banks and brokers can't forgo the Yield Spread Premium overcharging because at the very least it DOUBLES their income for each loan!

Bad Credit Financing Armed with this "insider information" you'll be able to beat Mortgage Brokers and Banks at their own game!

Bad Credit Home Loan Mortgage Rob K. Blake, author of the book, Mortgage Secrets Exposed! and host of the radio show, The Mortgage Insiders has been teaching
mortgage consumers for 15 years on how to avoid all the rip-offs artists laying in wait. Get more tips, tricks, and tactics aimed at
turning the tables in your favor at his website http://www.themortgageinsider.net/Home4.

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