Top 5 Reasons to Use A Mortgage Broker/Banker

 

  1. Decisions & Planning - Which mortgage is best for the buyer? It can be a matter of their financial ability, or it can be related to the time they expect to keep the home. With fixed and variable rate mortgages still available, there are valid reasons for a choice either way. What about payments...monthly, weekly, bi-monthly? There are good reasons for every choice, but the reasons are specific to the buyer's needs. A mortgage broker is there to learn the buyer's needs and situation, and then develop a specific plan that puts them into the best mortgage.

  2. The Buyer is the Client – A mortgage broker works with the buyer with their best interests as the primary goal. Which lender is chosen, and the type of loan are both determined in the best interests of the borrower. Going to a single institution, a buyer is funneled into a product that may not be the best, but it's what that institution is offering.

  3. Rates & Fees for the Buyer – Because the mortgage broker is working with multiple lending sources, the type of loan, rates, and fees are selected for the buyer. A balance can be struck between fees and rates, as well as loan type, to benefit the borrower, not with the lender's programs the main criteria.

  4. Pre-qualification – The mortgage broker, once the type and features of the loan are selected, will be ready to lock in an interest rate beneficial to the buyer. Fluctuating rates can cause a significant payment increase, so locking in a rate is a protective measure.

  5. Help With Credit Challenges – If the home buyer has some issues on their credit report, the mortgage broker can identify them early and request corrective action that can bring about a better loan with a lower interest rate.

Those are just five of many reasons to use a mortgage broker, but they're important ones that can help a home buyer to afford the home they want.

1 comment on “Top 5 Reasons to Use A Mortgage Broker/Banker”

  1. Pingback: How to Get Financing for a Rental Property | Las Vegas Mortgage Lenders, Best Home Loan Broker Experience

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