Mortgage Confusion

[renriq02]

so if the mortgage broker is 3-4% YSP....and the interest rate is 6.5%

and the bank is 6.625%

who is ripping who off?

When you shop around...you shop for the best rate.
Telling someone you're going to go with the bank at 6.625% because the broker is charging too much is nonsense.

[mccray916]

Originally Posted by renriq02

so if the mortgage broker is 3-4% YSP....and the interest rate is 6.5%

and the bank is 6.625%

who is ripping who off?

When you shop around...you shop for the best rate.
Telling someone you're going to go with the bank at 6.625% because the broker is charging too much is nonsense.

I'm in the market to buy a new home and this is the first time I've heard about YSP. What kind of YSP should I be looking for? What other information should I be asking about when I'm quoted an interest rate from a lender. Thanks so very much!

[NJ987654]

FHA with a large, direct lender. You need to be preapproved about 60 days before but it can be sooner. don't worry about locking until you find a house. You can get in for 0 if you use Nehemiah or Ameridream and have the seller pay the down payment for you