"Get The Best Deal On Your Next Mortgage."

                                Here is a statement of almost certain fact:

Your mortgage company will take advantage of you.

I'm sorry to say it, but it's probably true. They are licking their chops waiting for you to sign on the dotted line because they are about to make a killing.

What they know and what I know that you probably don’t is that --

They have a way of making all kinds of money from you and you won’t even know about it.

Here is the good news.

You are about to learn the secrets and scams that have been hidden from consumers for decades.

In this report I will teach you how to:

Spot excess charges and fees.

Negotiate with your lender or loan officer to get the best interest rate and lowest fees on your next mortgage.

Avoid the Low or No Closing Cost Loan Scam (A lot of people get suckered with this one.)

Break down your good faith estimate and figure out how much your mortgage is really costing you.

So Lets Get Right Down To It.

But before I start, I should say a little about myself. My name is Paul Romanacci. I am the owner of Discount Mortgage America, LLC. I have been in the mortgage industry for nearly a decade.

Publishing this report is certainly not going to make me any friends in the industry – In fact, I’ll probably be hated for this, but so be it.

Over the years, I have seen good, honest everyday Americans get taken for a ride from the mortgage industry. There is really no one out there to watch your back.

Well, I wanted to change all that so I started my own company -- One that does business a different way.

We have originated hundreds of loans that were fair and equitable for everyone, especially the consumer.

The advice given here is only my opinion and should not be used as your sole source of information.

My clients benefit from the strategies outlined here, saving them money, time and headaches.

Okay,
So you found a home or you’re ready to refinance and you need a mortgage.

The first thing you will probably do is go on line, log onto Google or some other search engine and type in the word “Mortgage.”

Boom!
Thousands of mortgage listings pop up and so you start to click on them. Most of them offer the lowest rates. Some offer you up to four offers which guarantee that you get the lowest rate. Others offer you a rate of only 1%.

You say to yourself “WOW, 1% -- That’s Great – What a deal”

Well, it’s no deal. In fact it’s all pretty much a bunch of bull.

They are all nothing but a bunch of gimmicks to get you hooked in until you find out the truth.

The problem is, that the by time you learn the truth it’s too late and you are stuck.

Lesson # 1

No One Has A Magical Low Interest Rate.

All mortgage money basically comes from the same place no matter where you get your loan. Interest rates are dictated by the financial markets and that’s what determines what the rates are.

You know the old saying, “If it sounds too good to be true…”

SECRET #1
How to Negotiate to Get the Best Rate with the Lowest Fees.

1)By charging points from the borrower.

2)Yield Spread Premiums (Commissions earned from the lender)

3)Junk Fees – Extra meaningless fees added on to increase profit.

Here is the trick:

Tell your broker that you will only allow him to make 1- 1.5% profit on the size of your loan.

For instance, if your mortgage is for $100,000, you tell your loan officer that you will not allow him to make more than $1,500 on your transaction.

Demand to see the Lender rate sheets which show how much commission the broker will earn from the lender at the interest rate he offers you.

Demand to see the Good Faith Estimate at the time of the application or within 24 hours (They have three days by law). Go over every fee on the Good Faith Estimate. Most broker fees are listed between lines 800 and 900.

Ask to see the rate lock confirmation which is sent to the broker by the lender when your loan is locked. This will show the amount of commission paid to the broker for your loan.

If his commission (or yield spread) is greater than the profit discussed, then demand a rebate for the difference.

This is common practice at my company. There is no reason why you shouldn’t be allowed to see this information.

You should especially look out for bogus fees with names like:
Commitment Fee
Rate Lock Fee
Broker Discount Fee
Lenders Inspection Fee
Processing Fee (This is not a bogus fee, but it should not be excessive)
Application Fee (Again make sure this is not inflated)

Most of these fees should or could be negotiated away.

Remember, it’s like buying a car – work off of the invoice (Lender Rate Sheet) and cap your broker’s fees and commissions at a certain number that you negotiate.

This alone should save you thousands of dollars in closing cost and lower your interest rate significantly.

This is a very simple one. Everyone knows that nothing is free, especially in the mortgage business. So how do Lenders offer no closing cost loans?

After all, there are actual costs involved with closing a mortgage. Appraisers have to be paid, title insurance needs to be purchased, Closing agents need to be paid and of course, the lender needs to make a profit.

So how do can they offer a “No Closing Cost Loan” or a “$395 Flat Fee Loan”?

It’s easy, they raise your interest rate to the point where there is so much more profit in the loan, that they can afford to cover the closing costs for you. They build it into your interest rate.

What this means is that your payment will be a lot higher.Ultimately, you end up paying all your closing costs and a whole lot more.

So as you can see there are many steps you can take to insure you get the best deal on your next mortgage.

Remember the mortgage business is best played like a game, a game where if you know all the rules, tricks and short cuts, you will win.

CALL US NOW 203-315-6250 FOR THE BEST DEAL