Finding a Great Mortgage Refinance Broker
How can you tell if you are really getting a good deal from a mortgage broker? Well, it’s tricky. And then again, it’s not.
Interest rates are one way to gauge what sort of deal you are getting on your mortgage refinance. But these are more contingent on the market, and vary from day to day. While there will be some fluctuation from broker to broker, and you may get a lower rate from one broker than from another, the differences aren’t likely to be drastic. However, a lower rate is always better, so this is one area to shop around.
Fees and Closing Costs
These are an unavoidable part of doing a mortgage refinance. But they are not all the same, and they are negotiable. It doesn’t mean that you can get out of paying them, but if a broker is unwilling to negotiate with you over how much the various fees and costs are, you can probably do better.
If you’re dealing with a broker who is constantly trying to push you toward a certain type of mortgage or insisting that you do things a certain way in your refinance, he or she is probably doing so for a reason. And that reason is almost always that they will stand to make more money if you do it their way. Find a broker that will listen to your concerns and work with you to find a mortgage refinance that meets your needs.
Almost everyone will tell you that as a retail consumer, you simply cannot get a mortgage refinance at wholesale rates. The thing is, almost everyone is wrong. While it’s true that it can be hard to find a broker willing to offer you a wholesale mortgage, they are out there. In such cases, you’ll generally be charged a flat 1% origination fee—say $2500 on a $250,000 loan. The broker still makes money. Not as much as they might make by taking advantage of you, but that’s exactly why you want a broker like this. They are willing to work with your best interests in mind.
You may have to shop around for a while, but brokers that will offer you a wholesale mortgage refinance are out there. If you’re looking for a great mortgage broker, don’t stop until you find one who will truly help you to get the best deal out there.