Refinancing? How to Choose the Best Mortgage Product

Interest rates are at an all-time low and you have been thinking about refinancing your current mortgage. But how do you know where to go and what lender is best for you?

As a mortgage consumer, you want to be able to compare the costs and services when looking for a mortgage refinance program. If you go to a lending institution such as a bank or to your current lender, you’ll only get the products that they have available. In today’s mortgage marketplace, there are many types of refinancing products available to borrowers, even ones who have had credit or financial problems in the past.

The Right Mortgage Can Make a Big Difference in How Much You Will Spend

Finding the right mortgage lender can make a big difference in how much you will spend in closing costs and fees and how much you will pay over the life of the loan. Researching available mortgage products requires time and effort but is important to ensure that you’re getting the right refinancing for your particular needs. Fortunately, professional mortgage brokers help borrowers do just that.

How Can a Mortgage Broker Help?

A professional mortgage broker will act as a qualified intermediary between you and a large spectrum of available lenders. A good mortgage broker has professional relationships with many different lenders, banks and private investors so you get the best refinance available for your particular financial situation. This enables you to shop for the right mortgage from many different lenders offering many different products. Some are banks that only do business with brokers, called wholesale lenders, that an individual borrower would not normally have access to.

Expert Knowledge in Your Corner

Working with a mortgage broker enables you to have expert assistance when it comes to expediency and important information. A mortgage broker knows the qualification processes of major lenders and will not waste your time. A knowledgeable broker will match your financial situation with the best possible lender at the best possible terms for your circumstances.

The better your financial situation is, the more options are available. The broker can then weigh important things such as closing fees, interest rates, prepayment options and mortgage terms. Often, you will have the choice of multiple different lenders to choose from for a refinance loan.

A Seamless Experience

A mortgage broker has professional relationships with service providers and knows how to expedite things like appraisals, surveys and inspections in order to get a closing completed quickly. This knowledge helps you have peace of mind that important things are being completed within required timelines.

Having the skill and services of an experienced mortgage broker offers a knowledgeable resource for your questions and a reliable point of contact to ensure that your refinance approval is stress-free and easy. A dependable mortgage broker will keep all aspects of a mortgage approval on track and coordinate important things in order to make the process a seamless one.

If you are considering a mortgage refinance, get the advice of an expert. We would be glad to answer any of your refinance questions. Call Bridgeport Funding today at (925) 478-8630 for a no-cost, no-obligation consultation.