WASHINGTON, Dec. 28, 2016 /PRNewswire/ -- The Mortgage Inspection Service is warning a person about to refinance their home, or about to obtain a new home loan to be cautious about mortgage lenders claiming no hidden fees. The costs they are frequently referring to is a kickback called a 'yield spread premium' for inflating the borrowers interest rate above the best available interest rate. Banks and or mortgage bankers are not required to disclose yield spread premium kickback/rebate fees to consumers on the Good Faith Estimate or the HUD 1 Settlement statement.
The Mortgage Inspection Service offers an affordable inspection report focused on a home buyer's or homeowner's mortgage Good Faith Estimate to ensure they are not getting overcharged on their interest rate or gouged with junk mortgage fees. For more information, a homeowner on the verge closing on a home loan or a mortgage refinance is urged to call 866-213-0007. http://MortgageInspectionService.Com
The Mortgage Inspection Service says, "There are hidden bank fees on most residential home loans or refinances. For a bank or mortgage banker to insinuate there are 'no hidden fees' is an insult. While mortgage brokers are legally obligated to disclose the yield spread premium-kickback for inflating a homeowner's interest rate on a home loan or refinance mortgage bankers or banks have no such obligation.
"So how does a 'yield spread premium' work on a home loan? The easiest way to explain it to a consumer is if say as an example the best 30-year fixed interest rate they qualify for is 4%, and their loan amount is $200,000. If the mortgage banker or bank can get the homeowner to accept a 4.25% 30-year fixed interest rate they will typically make a 100 basis points on the quarter percent interest rate increase. This quarter percent interest rate increase should net the mortgage banker or bank about $2000.
"Again, a bank or mortgage banker has no legal obligation to disclose these fees to a homeowner/consumer. If you live in Southern California and the home loan/refinance amount is $1 million dollars-the bank/mortgage banker could make $10,000 for increasing your home loan interest rate by a quarter point-again with no disclosure. If a bank or mortgage bank says your home loan/refinance has no hidden fees we are pretty certain our affordable mortgage inspection report will prove the opposite as we would like to explain anytime at 866-213-0007." http://MortgageInspectionService.Com
The Mortgage Inspection Service's no cost mortgage or 'no hidden fee' home loan refinance report/analysis includes a brief conversation with the homeowner about their credit, specifics about their home equity, a thorough examination of the borrower's Good Faith Estimate, and a written report detailing specific junk mortgage fees, an inflated interest rate – or both.
The typical turnaround time for the mortgage inspection report is 48 hours or less, and this service is available for consumers in all states including New York, California, Florida, Texas, Illinois, Virginia, Michigan, Idaho, Washington, Massachusetts, Pennsylvania, New Jersey, Georgia, Colorado, Arizona, North Carolina, Oregon, Ohio, Georgia, Maryland, etc.
For additional information, homeowners about to finance their home with a 'no cost refinance' or a 'no hidden fee mortgage' are urged to contact the Mortgage Inspection Service at 866-213-0007 for their unsurpassed services. Their bottom line is, "Please don't allow yourself to get overcharged a home loan or refinance with junk mortgage fees and/or an inflated interest rate from a bank or mortgage banker, and not know it before you sign at closing." http://MortgageInspectionService.Com
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SOURCE Mortgage Inspection Service