If now feels like the right time to borrow money from your home or take advantage of the lower rates, think about refinancing your property. But should you go with your bank or a mortgage broker?
It’s really hard to argue against the benefits of refinancing your loan when interest rates are low. Tax write-offs, the ability to invest in other ventures, and paying down big, credit card bills come to mind.
“Should I choose the mortgage broker over my bank?”
It really depends on a few things:
- Has your income dramatically changed recently?
- How good is your credit today?
- Do you want institutions to compete for your loan?
A mortgage broker is an independent originator and has access to a myriad of programs and a myriad of lenders. A mortgage broker many times is more effective in placing borrowers with the best product that fits their needs because of the sheer volume of lenders at their disposal.
According to David Jennings of Eagles Mortgage Company, Inc. of Downey, CA, “a broker can pit wholesalers against each other to force them to compete for your business. Banks or direct lenders only have access to their own products and cannot give the client options from other sources.” Sometimes a borrower’s low credit score will make the borrower ineligible for the cookie-cutter loans offered by the bank. A broker can find many more possibilities to choose from.
To really cover your bases, contact Eagles Mortgage Company, Inc. to find the best options that fit your needs today.