Choosing A Mortgage Broker To Help You Through The Mortgage Process

An age old question that comes with buying a new home or refinancing comes with finding a mortgage broker that will find you the best rate possible.  What do you need to look for in a mortgage broker?  Is it possible to find a better rate on your own working with a credit union or bank?  In many situations a credit union or bank is perfect however getting your mortgage refinanced or a new mortgage for a new home a mortgage broker is more prepared to find a rate offer and lender that match your need.

One of the best things about using a mortgage broker is that they aren’t only in it to help you find a mortgage but also to provide you with support in your overall financial standings.   In order to do this your broker must make sure that they understand your needs, your situation and your future goals.

The first step to accomplish this is to speak with you at length.  They will ask you about your needs and will inquire about your living arrangements currently.  If you are also selling a home they will want to take that into consideration as you will have additional funds that can be used.  If the broker sees an issue with what you want or thinks that it may land you in trouble financially they will guide you in a direction that is more fitting.  They will not allow you to get in over your head with your purchase.

When meeting with a mortgage broker make sure that they are truly in it for you.  Are they speaking your language?  The conversation should only revolve around how they can help you.  While listening to you they should be engaging and asking relevant questions.  This is the sign of a broker who is looking out for you and your interests.  When working with a bank or other financial situation you may be pushed between several different employees.  Where in reality some of them may know nothing about your situation and not understanding what your needs are.  You should be working with one person who is knowledgeable about your condition and working to find you the best rate with your situation in mind.  Using a mortgage broker you have one individual who knows you and all about mortgages to guide you throughout the process.

After taking in your financial status, your earnings, investments, expenses and other things the broker will get you an optimized mortgage.  Brokers work with a variety of lenders to find you the best rate and mortgage available based upon your situation.  They will then make recommendations to help guide you throughout the process until you are the proud owners of a new mortgage.  Throughout each and every stage they will be able to answer your questions and clear your mind; this alone simplifies the process.

Cross Country Mortgage in Brighton, Michigan provide mortgage services for clients including new home loans, refinancing, reversed mortgages, new purchase home mortgages and home equity loans to the entire Livingston County area including Brighton, Howell and Livingston County. Cross Country Mortgage Brighton, MI at http://brightoncrosscountry.com/.

Ways To Go About Lowering Your Monthly Mortgage Payment

Homeowners are always optimistic when they buy a new home. They find and fall in love with a home that may be slightly out of their reach.  They are convinced that with some decent budgeting, trimming of the fat and future increases in pay the monthly payment will be affordable.  What happens next is life.  We all know what occurs then.  Unforeseen expenses come up and the monthly payment that was barely manageable before turns into a burden.  If you find yourself in this situation keep reading.  This article covers a number of ways homeowners can reduce their mortgage payment.

Property Assessment

If the market has changed in any way a property assessment can help.  If your property’s value has decreased in any way or if you think the original assessment is inaccurate you can file a petition to have it re-evaluated.  Lower evaluations can often lead to substantial savings over the lifetime of your mortgage.

PMI

If you feel that you have more than twenty percent equity into the house you can petition the lender to cancel your private mortgage insurance otherwise known as a PMI.  This could help alleviate the extra payment associated with the monthly expense of private mortgage insurance.

Loan Modification

If you are truly having difficulties a mortgage modification could be the answer to your problems.  This process can lower your balance and make your monthly payments more affordable.  This option is not without ramifications however so before you go this route contact a home loan specialist.

Refinancing

The first few years, your monthly mortgage payment goes mostly to interest instead of the principal of the mortgage.  The effect of the interest payment is significant.  When it comes to refinancing your mortgage you will want to calculate the monthly interest savings verse how much it will costs to refinance the loan.  In theory refinancing is the process of taking out a mortgage on the existing amount owed on the home loan at a lower interest rate.    Often times you can extend the amount of time in which to repay the mortgage as well to lower the monthly payment even more.

If you need assistance with your mortgage in order to decrease the monthly payment meet with your mortgage broker.  They have insight on the lowest interest rates, loan options along with connections within the industry to help lower your monthly mortgage payment.  This in turn lowers the amount you will pay on the overall home loan as well.

Cross Country Mortgage in Brighton, Michigan provide mortgage services for clients including new home loans, refinancing, reversed mortgages, new purchase home mortgages and home equity loans to the entire Livingston County area including Brighton, Howell and Livingston County. Cross Country Mortgage Brighton, MI at http://brightoncrosscountry.com/.