People who have tried to refinance their home mortgages in recent months and been turned down due to the fact that they are still current with their payments may wonder where to turn next. During these times of recession and unemployment, many who manage to scrape together a mortgage payment each month are still being stretched thin financially to do so which is the reason they are hoping to refinance at a lower rate. It’s a frustrating feeling to be rejected because you’ve managed to pay the bills while people who are delinquent are getting help, but it’s the way it is. Still, you shouldn’t give up hope. A Wisconsin mortgage broker may be the answer to all of your woes.Mortgage brokers work with different policies than banks do, and they are often able to secure a loan for you that would be impossible for you to get on your own. Of course, you want to hire a firm that has a good reputation for working in the best interests of their clients and one that you can trust. There are bad firms in the mix that operate on their own agenda and will do whatever they can to get some of your money in your pocket, but legitimate brokers have a base of lenders that they can count on to give you the best possible deal to help you save money on your monthly payments.Recently we used a mortgage broker to refinance our own mortgage. The payments were just higher than we could manage any longer, but our bank told us that since we were up to date with them, they couldn’t help us out. In desperation, we contacted a broker who advertised in our paper. Lo and behold, after just talking with a representative for a few minutes and supplying him with a few documents and some information, he told us that we were eligible for a refinance that would lower our interest from 6.25% to 4.32%. That will mean a difference of almost $200 per month in what we have to pay and considerably lower the total payments we’ll make for our house.There are some things that are critical, even when working through a Wisconsin mortgage broker. One thing that they will require is that you have a good credit rating. They want to be sure you’ll pay your bills. If you don’t have one, then they won’t even consider you. In addition, you need to have at least 20% equity in your home. If you don’t, you’ll have to carry mortgage insurance until you do which will mean less of a savings each month. A mortgage refinance, though, can help you meet your obligations and avoid foreclosure.
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