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System Aaa
(Bourbonnais, Illinois USA)
Regarding Yield Spread Premiums - To Kate and the intended Home Buyer asking about paying a YSP (Yield Spread Premium), we both agree that the amount $7,600.00 is too much!
If Box 2 of the Good Faith Estimate is not filled in, look at Part of Box A on the bottom of the first page of your GFE. These are the two areas where the YSP would be located. If you do not see yield spread premiums in these two areas, perhaps the mortgage brokerage is using the outdated Good Faith Estimate forms.
Or if you received the YSP amount verbally and you were not given your GFE at the time of your application or within 3 business days, Monday through Saturday excluding legal holidays, then perhaps the mortgage brokerage is still using the outdated GFE forms. The new Good Faith Estimate forms came out January, 2010.
I hope these suggestions along with Kate's information on yield spread premiums are helpful to you. Best of luck in your purchase!
Valerie Robinson 800-816-1046
U.S.Goldust International
1020 Stratford Drive East, Bourbonnais, Illinois 60914
Valerie Robinson can also be found in our List of Mortgage Companies.
Yield Spread Premiums
Dear Valerie, I'm so happy to hear from you again. Thanks for the insight into disclosure of yield spread premiums and the new good faith estimates which came out January, 2010.Best Wishes,
PS Have you seen Sabrina's question about yield spread premiums?
PPS For more answers regarding Yield Spread Premiums, write me at Ask Kate where every question is a good question.
Finding The Help You Need For Locking Rates
My Interest Rate Lock Guarantee - Help for timing your rate lock.
The best solution to avoiding hidden fees is to ask the right questions before you lock mortgage rates.
All about getting mortgage broker fees in writing - Otherwise your rate lock is meaningless!
How good is a mortgage interest rate lock guarantee? In the end, you have to read your lender's paperwork.
Because Yield Spread Premium is a common reason for losing your rate lock, here is the insider scoop on this odd sounding term.
Questions to Ask BEFORE You Lock
Ask Kate about locking - Ask a question and get an answer from Kate.
Search Readers' questions and Kate's answers at Ask Kate Mortgage Rate Lock Center I
More questions and answers on locking mortgage rates at Ask Kate Mortage Rate Lock Center II
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