LOAN.

Home homeowners choose a loan from their bank when it’s time to refinancing their Los Angeles mortgage. While bank mortgage loans are convenient, they are not the most affordable option for your new California mortgage. Here are several reasons why you should avoid bank loan when refinancing your Los Angeles mortgage loan.

Mortgage Purchase or Refinance

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Banks fall into a special category of mortgage lender because they typically fund mortgages with the banks money instead of using a wholesale mortgage lender. Because the bank bypasses the wholesaler, banks set their own mortgage interest rates. Do banks compete with wholesale lenders providing competitive mortgage rates? The answer might surprise you.

Banks make the majority of their profits by selling their loans to investors on the secondary mortgage market. The higher the mortgage rate you pay, the more money your bank makes form the sale. Banks know the wholesale mortgage rate you would qualify for; however, bank rate sheets include markup to boost their profit when your California mortgage is sold. This markup of your mortgage interest rate is called Service Release Premium; if you agree to pay it you will pay thousands of dollars every year unnecessarily for your Los Angeles Home loan.

Another reason to avoid banks completely when refinancing your California mortgage is that they are exempt from the Real Estate Settlement Procedures Act. In 1999 the banking lobby spent millions of dollars to have the laws changed so your bank is not required to disclose their profits on your mortgage. Banks can charge whatever they like and the only people that will ever know are the bankers. You can learn more about refinancing your Los Angeles home loan while avoiding costly mistakes with 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.