Refinance Mortgage Broker: What You Need to Ask Your Mortgage Broker

Louie Latour
 


Visitors: 151

Refinancing your mortgage can be a stressful experience for many homeowners. If you decide to use a mortgage broker to find your new mortgage, there are several questions you need answered before signing for a mortgage. Here are several tips to help you find the best mortgage offer when dealing with a broker.

What is the Interest Rate Guarantee?

The interest rate you qualify for is one of the most important aspects of your mortgage. This interest rate and the term length you choose will determine your monthly payment amount. Interest rates change on a daily basis so it is important to have your interest rate guaranteed in writing. The mortgage lender also needs to grant you enough time with the guarantee to close on the mortgage. If you are unable to close on the loan before the guarantee expires the lender could raise your interest rate. Don’t be afraid to ask questions if you do not understand your loan contract.

What Could Delay Closing?

You will want to close on the new mortgage as quickly as possible so you do not lose your interest rate guarantee. Before you apply for a new mortgage you should gather all the documentation your lender might request. This includes the most recent statement from your current mortgage, most recent bank statements, pay stubs, and your homeowner’s policy. Keep in communication with your lender or broker and return all documents in a timely manner.

Does the New Mortgage Have a Prepayment Penalty?

This is a very important question to ask your lender or mortgage broker. If your mortgage comes with a prepayment penalty and you sell or refinance you will be required to pay the penalty. Ask your broker if there is a penalty for early repayment, how it is calculated, and when the penalty expires. The average homeowner in the United States refinances their mortgage every four years so it is important to choose a mortgage that does not include this penalty.

You can learn more about your mortgage refinancing options, including common mistakes to avoid by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing: What You Need to Know, " which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit .

Claim your free guidebook today at:

Mortgage Refinance Broker

(445)

Article Source:


 
Rate this Article: 
 
Understand Your Mortgage Broker When Refinancing Your Home Mortgage Loan
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Mortgage Broker Refinancing – You Mortgage Broker’s Dirty Little Secret

by: Louie Latour (November 10, 2006) 
(Real Estate)

Mortgage Broker Refinancing – How to Choose a Good Mortgage Broker

by: Louie Latour (November 15, 2006) 
(Real Estate)

Mortgage Refinance Information - Should You Refinance Using a Mortgage Broker

by: Louie Latour (November 03, 2006) 
(Real Estate)

Mortgage Broker Refinancing - How to Outsmart Your Mortgage Broker

by: Louie Latour (November 16, 2006) 
(Real Estate)

Good Mortgage Broker vs. Bad Mortgage Broker

by: Brian Pollard (December 12, 2005) 
(Finance/Mortgage Refinance)

Broker Banks: Does Your Mortgage Broker Have a Dirty Little Secret

by: Louie Latour (January 04, 2007) 
(Real Estate)

Professional Mortgage Broker in Ontario – Ultimate Mortgage Option Provider

by: Ethan Cox (August 31, 2017) 
(Finance/Mortgage Refinance)

Home Mortgage Lenders - How to Find A Good Mortgage Broker Online

by: Carrie Reeder (August 17, 2005) 
(Finance/Mortgage Refinance)

How To Make Money As A Mortgage Broker - Mortgage Online Training

by: Ben Ehinger (November 03, 2006) 
(Business)

Understand Your Mortgage Broker When Refinancing Your Home Mortgage Loan

by: Louie Latour (January 16, 2007) 
(Real Estate)