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Mortgage Broker FYI
A mortgage broker can be helpful in the lending process. A broker does not
lend money; instead, they are a company which offers loans from a variety of lenders. The lender still controls the terms of the loan and makes the final decision on whether to offer the loan.
Prepayment Penalties
Lenders will often offer their customers a lower rate if they'll agree to accept a "prepayment penalty." They do this to minimize their revenue loss should interest rates decline and the borrower refinances or, in some cases, should the borrower sell the property.
Who Should I Use to Refinance My Home?
Should I refinance with the company that currently has my loan? There are a number of dangers when considering your current lender for a refinance. Generally, they stem from the fact that the lender is in no hurry to give up your current, higher-rate loan.
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