What Exactly is a Mortgage Broker and How Can He/She Help You Save Thousands on Your Mortgage?Have you ever heard of a mortgage broker before? If you haven't, then you definitely need to give yourself more options whether you are applying for a new home loan or are refinancing your current loan, and learn what they are all about. Mortgage brokers can help you save thousands over the life of your loan. It's all about the interest rate and how it affects the amount of principal compared to interest that you pay each month. Instead of just giving you whatever the posted mortgage rates are, the person from the brokerage office will go from institution to institution to try and get you the absolute lowest interest rate possible. This can often mean a savings of between 1% and 2% off the posted bank rate. What this means for you is a savings of several hundred dollars per month depending on the size of your home loan. Not only will your monthly payments be lower, but the amount of interest paid out will be lower too, allowing more of your hard earned dollars to go towards paying down the principal. This will help you pay your debt off faster. A broker should be your first consideration when looking for a home loan, especially if the bank rates seem way too high. They will do all the work for you and find you the one financial institution that is willing to bend considerably on their rates. You may be surprised at the time and trouble you will save by seeing a mortgage broker. Another tip would be to check out online lending companies. They are often very competitive with their rates as well. But don't take my word for it, try it yourself and be pleasantly surprised! Chris Ferguson is the author and webmaster for http://www.online-finances.com We offer pertinent financial information on home loans, car loans, student loans, debt consolidation, and other finance related topics. If you are looking for a loan, but are worried about your bad credit, we can help! Visit us at http://www.online-finances.com
MORE RESOURCES updated Fri. April / 19 / 2024 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider How To Get A Home Equity Loan With Bad Credit Bankrate.com Average Mortgage Interest Rates: Mortgage Rates by Credit Score, Year, and Loan Type Business Insider How to Refinance Your Mortgage NerdWallet With property values strong in 2023, many homeowners tapped home equity lines of credit, pushing total HELOC ... Miami Herald Loan Modification Vs. Refinance Bankrate.com 30-Year Mortgage Refinance Rates Business Insider Types of Mortgage Refinance Options Bankrate.com How To Get The Best Refinance Rate Bankrate.com Mortgage Interest Rates Today, April 16, 2024 | Rates Remain Elevated After Last Week's Spike Business Insider The best mortgage lenders for refinancing in April 2024 CNN Underscored Mortgage Interest Rates Today, April 15, 2024 | Rates Are High, But They Still Could Drop This Year Business Insider 280 Park Ave.'s owners refinance mortgage and pay down debt Crain's New York Business Best Mortgage Refinance Lenders of April 2024 Business Insider Bain Proposes Japan's Kioxia IPO to Clear $5.8 Billion Loan Refinance U.S. News & World Report How To Refinance A Rental House Bankrate.com Current mortgage refinance rates CNN Underscored Current Student Loan Interest Rates in April 2024 Business Insider Best Mortgage Refinance Lenders In 2024 Bankrate.com Mortgage Rates This Week NerdWallet MBA: Mortgage Applications Increased in Weekly Survey Calculated Risk Mortgage Refinance Rates: Compare Current Rates Business Insider Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports When to Consider Refinancing Your Mortgage Business Insider Mortgage Rate Forecast April 2024 Bankrate.com 30-year refinance rates: What to know CNN Underscored Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports Mortgage Rate History: 1970s to 2024 Bankrate.com Mortgage Interest Rates Today, April 14, 2024 | Will Rates Still Go Down This Year? Business Insider Cash-Out Refinancing: How It Works, When To Do It Bankrate.com Current 15-year refinance rates — and lenders that offer them CNN Underscored How To Refinance An Underwater Mortgage Bankrate.com How Soon Can You Refinance a Mortgage? NerdWallet Should You Refinance Your Mortgage In 2024? Bankrate.com Refinancing a Home Equity Loan (2024 Guide) MarketWatch Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal Best Refinance Lenders of April 2024: Refinance Your Mortgage The Motley Fool Pros and Cons of a Cash-Out Refinance Bankrate.com Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider What Credit Score Do I Need To Refinance? Bankrate.com Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau
|