How Can a Mortgage Broker Help Me Refinance?

Posted by admin on Jun 19, 2020 6:57 PM

A natural place to encounter a mortgage broker is in the process of buying a house. But a broker can also be incredibly helpful when a homeowner is looking to refinance.

Knowledge

There are many different options of refinance available for Portland area properties, including

  • Cash-out refinance
  • Cash-in refinance
  • Rate and term refinance
  • and several more

A mortgage broker brings thorough knowledge of these options and which are the best for your unique situation. It takes quite a bit of background to be a competent broker! Among other things, a broker knows

  • Industry people
  • The relevant mortgage companies and what they offer
  • Relevant regulations

This knowledge is invaluable for anyone looking to get the best deal on their home refinance.

Guidance

It can seem that filling out an application to refinance your mortgage is strictly a matter of filling out forms. But this is never how it is when you deal with people. There is always a matter of learning how to present yourself in the best possible way to achieve a favorable outcome. Mortgage brokers give guidance so you know how to best present yourself on those forms – while still being completely truthful – giving the needed information in the most helpful way.

Brokers also help you make better decisions based on the state of your market and your finances. One place this specifically comes into play is in the decision to lock in your loan rate or not. While a broker cannot make any guarantees about the future, they can give recommendations based off what they have seen.

Rachel Moore can also help you to make financial decisions which will help for your future refinance process and in the future. This value-added service is something you really want to look for from a broker, as your finances make such a difference for your life’s trajectory.

A good mortgage broker will also help you to understand and interpret the numbers you’re seeing in the refinance process and what your lender is doing with your information. There can be periods in the process where you see a lot in terms of communication, and periods where you’re just waiting. A broker helps you through each step.

Accountability

It might seem odd, but accountability is a very helpful thing to have when going through a refinance. There are several portions of the long process that might cause a borrower to get off track on their own. A mortgage brokers helps you keep up with paperwork on your end, while making sure you get what you need from the lender and title companies as well.

If you have any questions or would like to get started with your refinance, get in touch today!

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