Frequently Asked Questions and Concerns
I've been told that the rates must go down by at least 2 percentage points before it's worth it for me to consider refinancing:
Not true, we'll show you just how wrong this old wives tale is. You'll be surprised at the amount you can save by taking advantage of today's rates. Our mortgage officer can calculate your exact savings. One percent lower, on a mortgage of $100,000, will save over $25,000 in the long run.
I don't like paying points:
Points are essentially a way to buy down the interest rate even further, however, we do have very competitive programs which include 0, 1, and 2 point loans. We even offer no points & no closing cost loans.
I have just refinanced last year:
We've had numerous clients who have refinanced 3 and 4 times to capture the saving yielded by a lower rate mortgage. Even if you refinanced in the recent past, you may be surprised to find out the actual amount of savings based on today's rates as compared to your current rate.
I've already got a good rate:
Yes, but have you considered a cash-out loan to consolidate debt or for home improvements? Possibly you might want to consider shortening the term of your mortgage which will also save you tens of thousands of dollars.
Can't afford to think about refinancing now:
You can't afford not to think about it! We can roll all the costs into the new loan. This means that virtually nothing comes "out of pocket."
My credit is too bad:
Well, we'll be happy to analyze your situation for free. We represent over 30 lenders with different underwriting criteria. You may be surprised!
Why should I deal with a mortgage broker?
Because we represent the products of dozens of lenders & we have the ability to shop for the best rates and programs for you. Our mortgage officer will explain in detail the many benefits of dealing with a firm like ours. These benefits are the exact reason why 60% of all mortgages written in this country are written by mortgage brokers.