Blog with MAE Capital

Should you refinance with your current Bank?

October 10th, 2012 11:39 AM by Gregg Mower

We are in age were interest rates are the lowest in recorded history and many folks are being called by the bank that they make their payments to refinance their mortgage. The question is whether or not they can offer you a good deal. Knowledge is power, so that is why I write these blogs to help educate those who don’t know better about mortgage lending. So when your bank calls, first thing you need to do is identify that it is truly the bank you make your mortgage payments to, there a lot of commissioned loan officers out there that will represent they work for the bank as the lender on your home is public record so anyone has access to that information. So you might end up giving your information to another loan officer that says they work “with” the bank, and in fact they are an entirely different company. This is a classic trick/scam to get loans originated by commissioned loan officers. If you do realize it is the bank you do send your mortgage payments to (the servicing lender) they should have all of your personal information such as your social security number then you need to see what they are offering to lower your payment. Some servicing lenders have the ability to lower your payments without you having to provide all of your financial information, they will go on your past payment history and just re-write your note to a lower interest rate. If this is offered to you there really is no other lender that you could go to that would offer you a better deal as you would be stuck paying the cost either added to your loan or out of pocket so you should jump on it. But if your servicing lender is going to need all of your financial information and create a whole new loan then you should do some shopping as they will generally offer you a little higher than marker rates than if you were to go to a new lender.

Here at MAE Capital Mortgage we are team are experts at evaluating the benefits of refinancing and paying costs verses not paying cost to lower your rate. I have found through extensive research that as a Mortgage Broker we are consistently lower in rates and fees to Banks and Mortgage Bankers even though we sell our loans to these institutions. Why you ask? It is simple we do not have the overhead expenses that those big companies have with employees, big offices, and all that goes along with that. It is less costly for a big institution to purchase from a Mortgage Broker than it is to originate the loan, and process the loan themselves, so as a Broker we are consistently lower in rates and fees than Banks, Mortgage Bankers, and Credit Unions. So when you are ready to refinance your loan, you should call us at MAE Capital Mortgage and we can do the application over the phone or over the internet. Call us Today at 855-623-2271.


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Posted by Gregg Mower on October 10th, 2012 11:39 AM



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