A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. A mortgage broker is also an independent contractor working with multiple lenders. By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals.
With a home refinance, your monthly mortgage payment gets split up for principal, interest and, depending on your loan structure, taxes and insurance. The amount that goes toward the principal balance, coupled with the rise in home values in your area, increases the equity in your home. You can take a home equity loan out on that amount, providing you maintain proper loan-to-value limits. The advantage is you can access cash for a variety of purposes without changing the terms of your first mortgage. That’s great if you like your loan. However, if you are in a position where you can improve the terms of your first mortgage, you might want to opt for a cash out refinance.
A down payment is a large initial expense when you buy a home, and it’s required for most types of mortgages. Fortunately, many lenders accept down payment assistance, which can help you cover the upfront costs of a down payment.
