Why a Mortgage Broker?
Many borrowers find financial institutions and the act of obtaining a mortgage intimidating and confusing. So for starters, do as you normally do SHOP – call your bank, go online, ask friends then right before burnout… visit a local mortgage broker! Why?! Their career is to shop competing bank’s mortgages every day and assist in making the best choice.
Why? Most walk-in banks are of the retail variety, e.g. big, beautiful buildings sitting on prime real estate in downtown America with well benefited employees top to bottom. All these amenities contribute to high overhead supported by very high loan costs consequently passed onto the consumer.
Savvy on-line mortgage shoppers are saving real money but incurring another possibly intangible expense – quality local service. Even though online loan hard costs may be lower than retail banks, potential borrowers are left to the consequences of faceless voices, distant understandings and fleeting associations.
Mortgage brokers do both: offer the same competitive online rates AND personalized service. A reliable broker can be your facilitator in getting the best possible financial agreement with the least amount of frustration.
We all realize today turns into tomorrow; circumstances always change and markets fluctuate constantly. A mortgage expert chooses from a ready arsenal of competing wholesale lenders. Indeed, some might even be your bank but at professional prices. Also, brokers can switch lenders, even during loan processing, to satisfy your particular circumstances and the lender’s underwriting requirements.
Lastly, a mortgage broker only gets paid upon a successful closing AND they only stay in business by having repeat satisfied clients. A familiar mortgage broker will save you money and effort now and may become a valuable resource for your future financial needs.