Question:

If I want to do a mortgage refinance, do I need a broker?

Answer:

Yes, you should get a broker. To make a good mortgage refinance, you will need a mortgage broker who will advise you on the refinancing process and help you get best rates. An honest and professional mortgage broker will make all the difference in the world when doing a mortgage refinance, or purchasing a new home.

How to choose a mortgage broker for your mortgage refinance?

A broker who is also a lender and is able to recommend mortgage refinance products other than their own is unbiased and will make a reliable choice for the borrower.

They should provide the APR of the mortgage refinance loan to let you compare their quotes with others. A broker who cares about the client will try to explain advantages and disadvantages of different refinance options. If they are sincere enough, brokers may even tell you not to refinance at this particular moment, if this is in your interest.

A good mortgage broker won't mind if you inquire about the commission earned from the lender, and will explain about any fees and services that go with the mortgage refinance loan.

Also, your mortgage broker consulting you about home mortgage refinance programs has to be certified with a reputable institution, such as the National Association of Mortgage Brokers (NAMB).

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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