Refinance California Mortgage – What to Look for in a Lender

By Louie Latour

Want to refinance your mortgage in California? The Internet makes it easy to find and apply for mortgage loans; however, there are a number of refinancing pitfalls you need to avoid. These costly mistakes result in overpaying thousands of dollars for your new California mortgage; here are several tips to help you avoid them.

There are a number of ways to find reputable mortgage brokers and lenders in California. Recommendations from your friends and neighbors are a good place to start. Referrals are always a good way to find out the good and bad experiences other people had when refinancing their California mortgage loans.

Watch Out For Used Car Salesman

Mortgage loans are sold on a commission basis. The more you pay, the higher you loan representative’s commission will be. California mortgages are also marked up to include Yield Spread Premium to boost this commission. If you want the best possible interest rate you need to avoid paying Yield Spread Premium. Your loan representative will never tell you they’ve marked up your mortgage rate for a commission; however, if you learn to recognize this markup you can avoid paying it.

Check Potential Lenders for Complaints

Every mortgage lender and broker selling loans in California is required to be licensed by the State. You can check with your local Better Business Bureau, the California Department of Real Estate, and the California Department of Corporations for a record of complaints and to verify the company’s license. To learn more about your California mortgage refinancing options, including costly mistakes to avoid register for a free mortgage tutorial.

To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below. Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com. Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com Refinance California Mortgage Article Source: http://EzineArticles.com/?expert=Louie_Latour