Mortgages can be a very intimidating thing. They can be even more intimidating if you don't know how to read the mortgage rate sheet. If you read through this easy explanation, you won't have to worry about being taken by unethical banks or brokers.
If you want to keep loan officers, brokers and even banks ethical, knowing how to read your mortgage rate sheet will help with that. Will give you an explanation if you have an inflated rate. If you are saying to yourself that you want to prevent anything you can before you lock in your rate, take a look at this information first.
Before you learn any information, you need to know this first. Bank and mortgage broker rates are priced, that is how the game is played. If you know how to play the bank and mortgage game, than you are going to be a winner! The next step in how you can read a mortgage rate sheet is understanding what the YSP is. YSP is the Yield Spread Premium. You want to make sure that the broker doesn't charge you the consumer an YSP. If the broker does charge you a YSP, they are unethical.
Also, know that the banks and brokers actually don't quote you mortgage rates that you close with them. What the banks an brokers do, is act like they are giving you low rates so you can apply with them. Watch out for all of these sneaky tricks and you will be ahead of the game.
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