Refinancing with your current Beverly Hills Mortgage Broker can help you lower your monthly mortgage payments. This will save you from switching financial institutions, learning new payment systems, and completing additional paperwork.
To get the best rate on your refinance, you should shop with several mortgage companies before signing the dotted line. It may be worth the effort to switch lenders, as there are substantial savings.
Is it possible to refinance with the current Beverly Hills mortgage broker?
Refinances can be done through your existing lender, provided that you are eligible. Financial institutions want to keep their customers.
Is it more affordable to refinance with your existing Mortgage Broker?
Refinances can have a high upfront cost. Smart homeowners should compare offers to find the best deal. You won’t be able to know the exact cost of a refinance until you have received multiple estimates (more later).
Your lender will likely have a good relationship with you, so they’ll be familiar with your payment history. You may be able to negotiate discounts or special rates if you have good credit and a track record of timely payments.
Refinancing is more cost-effective than ever because of the average closing costs for a mortgage refinance .
Your current Beverly Hills Mortgage Broker may already have your payment history and have completed an appraisal of your property in the past few years. This will allow them to do much of the work that a new lender might need. You may be able avoid some of the fees new lenders may charge.
Refinancing with your existing mortgage lender has many advantages
These are some of the benefits to refinancing with your current lender
- This process might be faster and simpler. Your current Beverly Hills Mortgage Broker has your information and knows your past.
- A Beverly Hills Mortgage Broker might waive or reduce some closing costs. You may also be eligible for a discount on the appraisal fee.
- It is possible to negotiate better terms. Your lender and loan officers may have already met with you, which can give you leverage in refinancing.
- Customers who have multiple accounts may be eligible for a discount. Some banks offer rate discounts to customers who have savings or checking accounts. Some banks offer rewards points to their customers who obtain a mortgage.
Refinancing with your Beverly Hills mortgage broker is not a good idea.
These are the negatives of refinancing with your Beverly Hills Mortgage Broker. Before you ask for a loan, you might want to think about these:
- You may not receive the best deal. Your Beverly Hills Mortgage broker knows your current rate so it has the advantage. It may offer you a rate that is slightly lower than your current rate, but it will not be the best rate.
- Rate-shop is still necessary. It may not be as easy as it seems. Talking with your mortgage broker might not be the best idea. It is important to let your lender know that you are serious about getting the best rate possible by asking for estimates from other lenders.
- If you have been in business for a while, your bank might require you to complete a thorough underwriting process.
- Switching could result in better service. According to J.D. Research, the average customer satisfaction with mortgage servicers is 777 out of a 1,000-point scale. Power. Switching mortgage brokers can save you time and money if you are unhappy with your current mortgage servicer.
How to get the best Beverly Hills Mortgage Rate with your current Beverly Hills Mortgage broker
Refinances take time, effort, and money. You want to get the most out of your investment. These are the steps you should follow when looking for a mortgage refinance that includes your current lender.
Refinancing may be right for you
Homeowners can save money by refinancing their mortgages. Refinancing is not the right choice if you have a history of mortgage defaults, a prepayment penalty on your mortgage, are planning to move within the next few years, or if your credit has declined since you obtained your mortgage.
Multiple quotes from different mortgage brokers
You can leverage your existing lender by getting other estimates before you do. This will show that you are serious about getting the best deal and not just a better one. Each mortgage company should provide a Loan Estimate.
This document will detail all costs associated with the refinance. It includes the interest rate, monthly payments, and closing costs. You can also compare loan offers by comparing origination charges and underwriting costs. Multiple credit inquiries for a mortgage loan refinance will be considered one request.
Compare Loan Estimates with your current mortgage rate
To see how much you can save each month and over the term of your loan, crunch some numbers. Avoid no-closing cost refinances. The interest rate might be higher and you’ll likely pay more overall.
Get quotes from your mortgage broker.
Go to a loan officer and bring the refinance Loan Estimates of other lenders. Although it may seem old-fashioned, an in-person meeting allows you to meet with your Beverly Hills Mortgage Broker to discuss your options and to negotiate.
Ask about any special offers and whether closing costs can be waived. Get a Loan Estimate. Beverly Hills Mortgage Brokers often employ retention loan officers to assist in this type of situation.
Compare other offers to refinance your existing Beverly Hills Mortgage Broker’s offer
Don’t commit under pressure. Instead, take the time to compare quotes and go home. Refinances with current lenders may be the best option if your Beverly Hills mortgage company offers you a better deal.
You can rest assured that you did your research and found the best refinancing deal.