Why Use a Mortgage Broker?

If you’re in the market for a mortgage, you have the option to work with your local bank, a mortgage lender, or a mortgage broker. 

Most people know about their local banks and mortgage lenders and go to them first, but mortgage brokers may offer many more benefits than most people realize.

If you wonder if a mortgage broker is right for you, here are 6 reasons to consider one.

1. Access to Many Loan Products

When you work with a mortgage broker, you have access to dozens of lenders with many loan products offered by each. Rather than applying individually to banks and finding out if you do or do not qualify, you have access to dozens of products all in one place.

2. You Complete One Application

Applying for multiple loans can be tiring and frustrating. With a broker, you complete one application, and they find the loan that matches your qualifying factors and needs based on that information. You avoid the legwork and time commitment needed to apply with different lenders.

3. Brokers can Find you the Best Interest Rates

Just like finding the right loan program, brokers can get the lowest interest rates too. They know what each lender charges and how to save you the most money on your loan.

4. You Work with One Person

Taking out a mortgage can be overwhelming and when you have to deal with multiple people, it can get even more confusing. With a mortgage broker, you have one ‘point person’ you deal with from start to finish. You’ll hear from your loan officer anytime something new comes up or when the underwriter needs new documents to clear conditions. This makes the process much easier for everyone involved.

5. You’ll get Personalized Advice

A loan officer at an average mortgage broker will have more experience then a loan officer at your average lender. On top of that, most loan officers just say what’s needed to get you in the door and sign an application. A good mortgage broker will give you expert advice and they’ll have zero incentive for getting you in process.

6. Mortgage Brokers Don’t Charge Fees

Mortgage brokers make money from the lender they match you with if your loan closes. They aren’t supposed to have any application fees and the high level loan officers do all the legwork to make sure your loan closes in a timely fashion.

Final Thoughts

A mortgage broker can be just what you need to get the perfect mortgage loan whether you’re buying a home or refinancing. With access to dozens of loans and the best interest rates on the market, you’ll get the loan that helps you reach your financial goals.

Work with a mortgage broker that listens to your needs, understands your financial goals, and finds you the mortgage loan that works best for your situation.

Head over and learn more about us or give us a call and we will answer any of your mortgage questions!