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Summary: There are two basic ways to go when choosing a lender to refinance a mortgage, including going directly to a lender or working with a mortgage broker. Use a mortgage broker to expand options with help from a financial specialist in this free video on mortgage assistance and personal finance.
Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. He has worked in financial services, senior management positions in mortgage banking...read more
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"Hi this is Matthew McKillen with Innovative Financial Group and the question posed to me today is how do you choose a lender when you are going to refinance your mortgage? It is a very good question to ask. There is generally two avenues that you can go to get a mortgage on your home. One is to go directly to a lender deal with their retail loan officers and be subject to their one specific program or rate. A credit union is also a good example of that type of scenario. The other option is to work with what is called a mortgage broker. I myself am a mortgage broker and what it does is it gives me the flexibility of taking any borrower that I work up a loan for and shop them around and I may have about 25 different investors or banks that I can broker my client's loans to. So in working with a broker many of the banks offer the same types of programs. They offer either an FHA 30 year fixed for example or a Fannie Mae or a Freddie Mac 30 year fixed but you would be surprised to know that going from one lender to another with the same borrower, the pricing can be a bit different so again choosing the best choice for a lender really you have more options if you work with a mortgage broker than going with the bank's program direct. Again my name is Matthew McKillen and I'm with the Innovative Financial Group."
eHow Article: How to Choose a Lender to Refinance a Mortgage
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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