 Why should I use a mortgage broker? Don't i have
to pay extra for mortgage broker's service?
The mortgage broker represents the borrower in the process of obtaining a loan from a variety of lending sources. Studies show that mortgage brokers do NOT cost you more than direct lenders. In many cases, using mortgage broker services actually save you money and time. If you want to get the best offer on the market, that is right for you, you should work with a licensed mortgage broker.
- Lenders prefer to work with mortgage brokers.
It saves them time and money. The mortgage broker does all the work finding customers, pre-qualifying them and putting together their loan package. As a result, lenders are able to offer discounted pricing to mortgage brokers.
- Mortgage brokers work with different lenders nationwide.
When you apply for a loan with a mortgage broker you are applying for loans with all the lenders that mortgage broker is approved with. Mortgage brokers obtain rates at wholesale, mark up these rates by adding points and then quote you a retail rate. Many of the lenders are mortgage wholesalers that do not do business with the general public. This means when you use a mortgage broker you'll have access to hundreds of lending programs, many of which actually cater to people with special lending needs. Mortgage brokers are NOT employees of the lender. They are serving you to get the best deal on the market. They get paid if you get the loan.
- You will save money
The bank loan officer have sales goals. His bonus and often his job depends on meeting that sales goal. This often results in mortgages that are totally inappropriate for borrower's financial needs.
When you work with a mortgage broker, you have a financial services industry insider working in your best interest. The mortgage broker will save you money by finding the best possible loan program to meet your needs.
- You will save time
Keeping track of the latest mortgage programs and dealing with lenders is a full time job. This is what mortgage brokers do every day, this is how they make living. The mortgage broker will guide you through the maze of real estate financing so you can spend your time doing your job and living your life. You will not waste your time applying to lenders who have no interest in lending you money. In fact, if a lender does not approve your application, the mortgage broker will not give up. He will keep shopping your loan until he finds a lender who says "yes".
We know how busy you are. That's why we make it easy to work with us. We get paid when you do - at closing. So our priorities are the same. As a licensed mortgage broker we work hard to get you the best financing for your needs and to make sure your financing experience is as pleasant as possible. Just pick up the phone, send a fax or e-mail. we are here to help when it is convenient for you. You can relax knowing that your closing date will be met because it's our reputation and your satisfaction on the line.
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