Scott Veerkamp is the President of the Franklin Township School Board and a member of the National Association of Realtors. I have documentation of two loans initiated by Scott containing Yield Spread Premium...
Loan 1: Contains a $1,440 Yield Spread Premium on a $120,000 property.
Loan 2: Contains a $4,799 Yield Spread Premium on a $150,000 property.
(a) The following documentation is not an example of a loan initiated by Scott Veerkamp. I am merely providing this example to show the financial impact of YSP on the homeowner.
(b) On average, mortgage brokers receive 1% of the loan amount each time they raise the interest rate .25%. In other words, the lender pays the broker a ""kickback"" for increasing the interest rate on the loan.
(c) What is the difference in cost between a 6% rate and a 6.5% rate on a $200,000 loan over 30 years? Here is the answer according to bankrate mortgage calculator: -($23,414.40)
(d) On the mortgage above, the broker would receive a $4,000 kickback or (2% of the loan amount) for increasing the interest rate .5%. Therefore, a family would pay an extra -($23,414.40) over 30 years because they did not receive the interest rate they qualified for.
Scott Veerkamp Real Estate Reviews
Scott Veerkamp is the President of the Franklin Township School Board and a member of the National Association of Realtors. I have documentation of two loans initiated by Scott containing Yield Spread Premium...
Loan 1: Contains a $1,440 Yield Spread Premium on a $120,000 property.
Loan 2: Contains a $4,799 Yield Spread Premium on a $150,000 property.
(a) The following documentation is not an example of a loan initiated by Scott Veerkamp. I am merely providing this example to show the financial impact of YSP on the homeowner.
(b) On average, mortgage brokers receive 1% of the loan amount each time they raise the interest rate .25%. In other words, the lender pays the broker a ""kickback"" for increasing the interest rate on the loan.
(c) What is the difference in cost between a 6% rate and a 6.5% rate on a $200,000 loan over 30 years? Here is the answer according to bankrate mortgage calculator: -($23,414.40)
(d) On the mortgage above, the broker would receive a $4,000 kickback or (2% of the loan amount) for increasing the interest rate .5%. Therefore, a family would pay an extra -($23,414.40) over 30 years because they did not receive the interest rate they qualified for.