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 Wed. April / 24 / 2024 Should You Refinance Halfway Through Your Mortgage? Bankrate.com 10-year refinance rates: What to know about the current market CNN Underscored Only Half Of Black Seniors Approved For Home Repair Or Refinance Loans To Age In Place Block Club Chicago 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider How to Refinance Your Mortgage NerdWallet Will Interest Rates Go Down in May 2024? | Mortgage Rates Forecast The Mortgage Reports Average Mortgage Interest Rates: Mortgage Rates by Credit Score, Year, and Loan Type Business Insider 30-Year Mortgage Refinance Rates Business Insider Mortgage Interest Rates Today, April 22, 2024 | The Still-Hot Economy is Keeping Rates High Business Insider Mortgage Interest Rates Today, April 21, 2024 | Rates Remain Near 7% Business Insider Mortgage Interest Rates Today, April 19, 2024 | High Rates Make for a Challenging Homebuying Season Business Insider The best mortgage lenders for refinancing in April 2024 CNN Underscored How To Choose The Right Kind Of Refinance For You Bankrate.com Mortgage Interest Rates Today, April 20, 2024 | Rates Remain Elevated, but They Could Fall Later This Year Business Insider Should You Refinance Your Mortgage In 2024? Bankrate.com How To Refinance A Rental House Bankrate.com Best Mortgage Refinance Lenders In 2024 Bankrate.com Current mortgage refinance rates CNN Underscored When to Consider Refinancing Your Mortgage Business Insider Best Mortgage Refinance Lenders of April 2024 Business Insider Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports How To Get A Home Equity Loan With Bad Credit Bankrate.com Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports How Soon Can You Refinance a Mortgage? NerdWallet Mortgage Rate Forecast February 2024 Bankrate.com Refinancing a Home Equity Loan (2024 Guide) MarketWatch Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports How To Refinance An Underwater Mortgage Bankrate.com 30-year refinance rates: What to know CNN Underscored Mortgage Rate History: 1970s to 2023 Bankrate.com Current 15-year refinance rates — and lenders that offer them CNN Underscored When should I refinance my mortgage? To determine if a refinance is the right move for you, you’ll need to know the ... 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 With property values strong in 2023, many homeowners tapped home equity lines of credit, pushing total HELOC ... Miami Herald The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free The Wall Street Journal Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider Mobile Home Refinancing | Loans & Rates 2023 The Mortgage Reports Current mortgage interest rates: Mortgage rates today CNN Underscored CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor HomeReady Mortgage Fannie Mae
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