Mortgage Broker in Los Angeles Shares Insights to Help Homeowners
A lot of homeowners are facing challenges with making ends meet. Whether you find yourself with unexpected bills or a loss of income, mortgage brokers are here to help in whatever way is possible.
In fact, below are some ways in which mortgage brokers may be able to help improve the financial stability in your life during this unprecedented time.
How Can a Mortgage Broker Help Today?
- Mortgage brokers can help you lower your mortgage rate.
While there have been a lot of whipsaws in mortgage rates over the past month, mortgage companies have been seeing some of the lowest rates in a long time for both fixed and adjustable-rate mortgages.
That makes this an ideal time to consider refinancing in Los Angeles. A mortgage broker can help you to navigate the volatility and lock in affordable rates while the opportunity is here.
- They can make your financial future more predictable and stable.
Refinancing your mortgage at a lower interest rate now can help you keep money in your bank account today, but also tomorrow.
If you choose a fixed mortgage rate, you will have the same low rate five years from now or 10 years from now as you do today. You can keep that same low rate for the lifetime of your loan.
Should you pick an adjustable mortgage rate, that rate will be subject to change, but only after an introductory period. Usually, the introductory timeframe is several years, during which you have a low, fixed rate.
So, in these uncertain times, if you want to increase your financial stability and reduce guesswork about your future, refinancing is a great way to do so.
- They can help you lower your monthly payments and afford your bills.
By lowering your mortgage rate, you can reduce how much you owe every month on your home loan.
But there is another way you can also reduce your monthly payments, which is to extend your loan term.
Doing so may help you to stay current on your bills if you have been furloughed, laid off, or had your hours reduced at work.
This may also be the key to keeping up with your mortgage payments.
- They can help you get the cash you need to take care of emergency expenses.
Whether your income has decreased or stayed the same, something else that can make it difficult to get by is emergency medical bills for travel expenses.
Lowering your mortgage rate or increasing your mortgage term might give you enough money to cover some of these expenses. But if you still need more, you have the option of applying for a cash-out refinance.
This option may be appropriate if you own significant equity to borrow against, and if other forms of financing would settle you with a higher interest rate.
- Mortgage brokers can answer your questions.
During this time, you may have many questions about how the virus is impacting the mortgage industry and what you can expect over the weeks, months, and years ahead.
A mortgage broker can guide you through those uncertain waters, offering new solutions and increasing your confidence in your financial decisions by giving you the knowledge you need to make informed choices about your home loan.
- They can help you purchase a home.
While many borrowers are looking to refinance at this time, you could also be in the market to buy a home in Los Angeles right now.
If that is so, you have an opportunity to move into a new home in Los Angeles or purchase a second home or vacation home with a low mortgage rate if you move fast. They can help you close quickly and lock in a competitive rate with a mortgage that is ideal for your needs.
Improve Your Financial Situation
You now know some of the ways in which a mortgage broker can help you improve your financial situation during this time. But if you think there might be other ways in which they can help, please call Shannon Christenot. To ask questions you have or to apply now for a home purchase loan or to refinance, call Shannon today at (818) 601-2231 to schedule your consult.