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 Tue. March / 19 / 2024 30-Year Mortgage Rates Move Higher for a Third Day Investopedia Pros And Cons Of Refinancing A Car Bankrate.com How to Refinance Your Mortgage NerdWallet Will Interest Rates Go Down in April 2024? | Mortgage Rates Forecast The Mortgage Reports Current Student Loan Interest Rates in March 2024 Business Insider Mortgage Relief and Mortgage Assistance Programs [2024 ] The Mortgage Reports Mortgage Rates This Week NerdWallet When to Consider Refinancing Your Mortgage Business Insider Mortgage Interest Rates Today, March 16, 2024 | Rates Tick up Business Insider Mortgage Interest Rates Today, March 14, 2024 | Rates Are Still on Track to Go Down This Year Business Insider Mortgage Interest Rates Today, March 17, 2024 | Sticky Inflation is Keeping Rates Up Business Insider Best Mortgage Refinance Lenders of March 2024 Business Insider Mortgage Interest Rates Today, March 13, 2024 | Rates Are Back Down Following Yesterday's CPI Report Business Insider Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports How Soon Can You Refinance a Mortgage? NerdWallet What Is An Interest-Only Mortgage? Bankrate.com Best Mortgage Refinance Lenders In 2024 Bankrate.com Save up to $1,500 on a Mortgage Refinance With the New FHFA Program Business Insider Mortgage Interest Rates Today, March 15, 2024 | Rates Drop for Second Week in a Row Business Insider Can You Refinance With No Income Verification in 2024? The Mortgage Reports Best Refinance Lenders of March 2024: Refinance Your Mortgage The Motley Fool Rates drop - Mortgage rates for March 11th, 2024 Bankrate.com Current mortgage refinance rates CNN Underscored When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports Best Student Loan Refinance Companies In March 2024 The College Investor Mortgage Rates Dip Below 7%. Recent Homeowners Race To Refinance. Realtor.com News Cash-Out Refinancing: How It Works, When To Do It Bankrate.com Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports Current 15-year refinance rates — and lenders that offer them CNN Underscored How Soon Can You Refinance a Mortgage Loan? 2024 Rules The Mortgage Reports The best mortgage lenders for refinancing in March 2024 CNN Underscored How To Refinance An Underwater Mortgage Bankrate.com Mortgage Rate Forecast February 2024 Bankrate.com Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau What Credit Score Do I Need To Refinance? Bankrate.com 30-year refinance rates: What to know CNN Underscored Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor Mortgage Interest Rates Today, March 12, 2024 | Rates Are Down, and They May Drop Further in the Coming Months Business Insider Should You Refinance Halfway Through Your Mortgage? Bankrate.com How To Get The Best Refinance Rate Bankrate.com Mortgage Applications Increase By 7.1% Amid Rate Drop, Refinance Activity Spikes National Mortgage Professional The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free The Wall Street Journal Mortgage Interest Rates Today, March 11, 2024 | Rates Are Down. But High Inflation Could Send Them Back Up. Business Insider The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics -
|