If the rule of the jungle is survival of the fittest, the rule of the mortgage industry is success of the sharpest. To get the best value for your money, you have to outsmart, outguess, and outmaneuver your mortgage quoter. However, these three verbs are easier said than done. After all, if your mortgage quoter flourished in his or her chosen industry, then odds are, this person has outsmarted, outguessed, and outmaneuvered clients like you for years. In fact, it’s even possible your broker eats fledgling negotiators like you for breakfast.
The best that you could hope for is to level the playing field. How do you do that? By letting your mortgage quoter know you are no babe in the woods. The best way to accomplish this is to let your mortgage quoter know you know all about the Yield Spread Minimum.
What Is Yield Spread Minimum?
Mortgage quoters are retail vendors for wholesale lenders. When you qualify for a loan, the wholesale lender offers your broker a written guarantee of your interest rate. Using this rate as the base, the mortgage quoter then marks it up and provides you with a separate written guarantee. Yield Spread Minimum is your...
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