Even though there have been a decent amount of mortgage companies that have gone under, there are still many that are able to refinance home mortgage loans. Refinancing home mortgage loans can be done by both brokers and banks. In many cases it is beneficial to the consumer to have a broker refinance their loan.
The reason this is beneficial to the consumer is because most of the brokers that are still around are the best in the market. In the height of the real estate boom there were mortgage companies that would refinance mortgage loans that probably should not have been processed. The mortgage refinance companies that did this did not have the standard requirements for their brokers that are now in place today. On top of that, with the market being so slow due to the collapse, many mortgage brokers have moved on to other professions and many of the mortgage companies that were processing high risk loans are out of business. The only mortgage refinance companies that have survived are the ones that have the best resources and are still able to take care of their clients properly. This is better for the consumer because they will get to refinance their home mortgage loan by someone that understands the market and will do a good job.
Also with the market being so competitive because of the decline in real estate many homeowners interested in refinancing their home loan will be able to bargain with mortgage brokers on closing costs in an attempt to get a better deal.
Overall mortgage refinance companies have enforced stricter guidelines to secure the loans that they process. However, homeowners that have the option to refinance will be able to save lots of money and get a low interest rate and cheaper closing costs. So homeowners interested in refinancing their mortgage and that can get approved should look into getting it done as soon as possible.