The Real Estate Wonk: Shopping for a mortgage? - Baltimore homes, apartments, real estate: Buying, selling, renting and housing news from reporter Jamie Smith Hopkins

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October 26, 2007

Shopping for a mortgage?

Inman News has a Q&A with former mortgage loan officer and current author Carolyn Warren. Among her tips: How to shop around for a mortgage and not get whacked by broker fees.

What is a reasonable yield spread premium?
Warren: Around 1 percent. Well, it depends on your loan amount. Generally, $2,500 to $3,500 is a good fair commission -- you can see the commission by adding the yield spread premium plus the origination fee. Maybe double that for a million-dollar loan. ...
The way to shop is to make three phone calls and ask just one question, one smart question: Can I get a Good Faith Estimate? Tell them please be sure to include the yield spread premium.

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About Jamie Smith Hopkins

Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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