9 Things to know before you refinance your mortgage
What is Refinance Mortgage Broker? Refinancing your mortgage i s a perseverance that can have a significant impact on your finances. While you can go to a bank to refinance your mortgage, it can be a time-consuming and complicated process. That’s how a mortgage broker comes in. A mortgage broker is a professional who acts as an intermediary between you and potential lenders. They work with a network of lenders to find the best mortgage rates and terms that suit your financial situation. Switching Home Loans or Refinancing your home loan to take advantage of a lower interest rate might save you money. 1. Private Mortgage Insurance Homeowners who have less than 20% equity in their home when they refinance will be required to pay private mortgage insurance (PMI). If you are already paying PMI under your current loan, this will not make a big difference to you. However, some homeowners whose homes have decreased in value since the purchase date may discover that they will have ...