What Can A Mortgage Broker Do For You?
When it comes time for you to apply for a home loan, you might find that you have two main options: going through a mortgage broker or going to a bank. While both will help you get a mortgage, the biggest difference comes into play when it comes to the type of mortgage you’ll receive; and whether or not it will actually be the best deal for you.
A common misconception about mortgage brokers is that they can only help you with a straightforward, private mortgage. But that’s not true at all! A mortgage broker can assist you in meeting all of your mortgage-related needs. Whether you need a first mortgage for a first home, a jumbo mortgage, a second mortgage, a home equity loan, a HELOC, or any other type of financing for real estate, a mortgage broker can meet your needs.
A mortgage broker is a licensed professional whose aim is to find you the best loan for you with the best terms and lowest interest rate. Mortgage brokers work with multiple banks and lending sources and actively seek out the best loans for their clients. In fact, that’s one of the biggest benefits that comes with working with a mortgage broker. Because they talk to so many different lenders, and have unique relationships with all of them, you’ll have that many more options available to you.
Mortgage brokers work hard to give you what you need, and that’s also one of the biggest benefits that comes with using a mortgage broker to get your home loan. They’re not there to push one specific product, or one specific mortgage package. And most times, they get paid from the lender not you, so they have no reason to push one product over another. They truly do just want to do what will be best for you, and what will help you out now, and years down the road.
When you go to a traditional bank for a loan, you’re dealing with only one lender and a loan officer who represents that lender and not you. A bank’s loan officer is charged with issuing loans that are profitable to the bank. The loan officer is seeking out terms that are best for the bank and does not have your interests at heart. And in addition to that, banks just don’t have the number of options available that mortgage brokers do. When it comes to a comparison of the two, you’re talking about maybe five different mortgage packages compared to hundreds of different mortgage packages!
Beyond just helping you secure a favorable loan, a mortgage broker is also a trusted advisor who is there to assist and advice you throughout the entire loan process. Your mortgage broker is there to answer any questions you might have about the process. If you’re concerned about your credit score, about your income and debt levels, or about any other aspect of the mortgage process, a mortgage broker is there to help, empathize, and assist you. Mortgage brokers are mortgage experts’ intent on helping their clients.
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