| Home refinance loans are used by home owners | | | | better loans and rates then banks or mortgage |
| everyday to secure a lower rate, get cash out or | | | | brokers. The truth is that they normally have access to |
| consolidate credit card debt. When securing home | | | | the same lenders and programs as mortgage brokers |
| refinance loans most borrowers either go to their bank | | | | but they are often located out of state and if a |
| or through a local mortgage broker, or an online | | | | problem arrives it can be hard to get someone to talk |
| mortgage lender. | | | | to. Additionally paperwork and any extra items they |
| Your Local Bank Or Credit Union | | | | require will have to be mailed or faxed over, this just |
| Your local bank used to be the only source for home | | | | add's frustration and time to the refinance process. |
| refinance loans and most still offer some very good | | | | Independent Mortgage Brokers |
| home loan programs. Your local bank or credit union is | | | | Mortgage brokers are quickly becoming the primary |
| great if you have good credit and do not need to take | | | | source for mortgage loans and for good reason. Not |
| out a high equity loan. In most cases they do not offer | | | | only do mortgage brokers offer many more programs |
| some of the more aggressive programs or offer any | | | | then local banks and credit unions they often times can |
| assistance to borrowers with bad or marginal credit. | | | | offer lower rates as well. Mortgage brokers are also |
| Recently some banks have moved away from 100% | | | | the first to offer any new loan programs that come |
| financing loans as well. | | | | onto the market and most mortgage companies cater |
| With the local bank you are pretty much limited to | | | | to borrowers of all credit situations. |
| choosing from the loan programs they offer in house | | | | Mortgage brokers also have a huge advantage over |
| because almost all banks do not broker mortgage | | | | local banks because they can move your loan around |
| loans. Although if you get your refinance loan at your | | | | from lender to lender if interest rates improve, your |
| bank many times they can give you special incentives | | | | loan gets denied or a better program becomes |
| on other financial products they offer, mortgage | | | | available at another lender. They can literally have |
| brokers cannot do this | | | | hundreds of lenders to choose from. They also have |
| Online Mortgage Lenders | | | | the advantage over online lenders because they are |
| The recent trend for refinance home loans is to | | | | local and you can talk to and see the person who is |
| secure them online. many online lenders claim to offer | | | | handling your loan with a simple trip to their office. |