What Could Go Wrong Without A Mortgage Broker?
Plenty. Wading into the complicated and insular world of residential mortgages without a mortgage broker is like defending yourself in a murder trial. Without a mortgage broker, you’re a minnow in the shark tank: easy prey. Don’t be a victim to the big banks.
When you walk into a mortgage broker’s office you’re turning the application process around on its head; the banks are now the ones applying. A mortgage broker holds your interests as his own and works hard to ensure that you’re satisfied with the terms of your mortgage and that you get the best mortgage for your needs. They can do this for several reasons. One reason is because they simply have many more mortgage packages and mortgage options available to them. Mortgage brokers know which lenders have which packages, and they’ll immediately have a good idea as to which one will be right for you.
If you were to go to a bank, you’d first have to get through the qualifying process – something that can be difficult to do. But worse, once you’ve been approved, you then only have a handful of mortgage packages to choose from; and you have to hope and pray that there’s one among them that perfectly suits your needs. And what are the chances of that happening?
The other reason that mortgage brokers are able to turn the game around and have banks applying for your mortgage is because they can take different offers between lenders. If one lender can only offer a high interest rate for your mortgage, the broker can simply go to another one. Lenders know this; they also know that they have to rely on the mortgage broker in order to get them their business. Because of that, it’s easy for mortgage brokers to turn that high interest rate into a bidding war – and the lowest offer gets to hold your mortgage! Mortgage brokers go to bat for you with lenders and pit bank after bank against each other in a competition to offer you the greatest mortgage with the lowest interest rate and the best terms.
Time and experience have shown that consumers who use the services of mortgage brokers walk away with better mortgages, better terms, and better rates. Consumers who use the services of mortgage brokers walk away feeling better about themselves and about their decisions, confident that under no circumstances could they have received a better deal. Without the guidance and expertise of a mortgage broker it’s very easy to fall prey to the scams and deceptive business practices of lenders. Hidden fees, sneaky APRs, and other costs lay hidden in the fine print. Mortgage brokers go through this process every day and know the good, the bad, and the ugly about every lender imaginable. You wouldn’t represent yourself in court or swim with the sharks. Protect yourself, and your mortgage, today and don’t try to get a mortgage without a mortgage broker by your side.
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