Yes, an online mortgage broker can help you refinance your current mortgage. Refinancing involves replacing your existing mortgage with a new one, usually to get a better interest rate, lower monthly payments, or a shorter repayment term.
How online mortgage brokers work
Online mortgage brokers are mortgage brokers that operate exclusively online. They work with a variety of lenders to offer you different mortgage options. These brokers are typically licensed and regulated, just like traditional mortgage brokers. The main difference is that you’ll communicate with them through digital channels, such as email or live chat.
To get started with an online mortgage broker, you’ll typically need to fill out an online application. This application will ask for information about your current mortgage, your income, and other relevant details. The broker will use this information to match you with potential lenders and mortgage products.
Using an online mortgage broker for refinancing your mortgage can offer several advantages, including:
- Convenience: With an online mortgage broker, you can complete the application process from the comfort of your own home. You won’t need to schedule an in-person meeting or take time off work to meet with a broker.
- Wide variety of options: Online mortgage brokers work with many different lenders, so you’ll have access to a wider range of mortgage products than you might with a traditional broker.
- Potentially lower costs: Because online mortgage brokers don’t have the overhead costs of maintaining physical offices, they may be able to offer lower rates and fees than traditional brokers.
- Faster turnaround times: Online mortgage brokers may be able to process your application more quickly than traditional brokers. This means you could get approved and receive funding faster.