For people who are inexperienced with negotiating, who aren’t sure what the best mortgage product is for them or have a less-than-stellar credit rating, they can save time, money and hassle by using a mortgage broker.
A Mortgage Broker is a valuable resource when making home financing decisions. Many customers shopping for a mortgage have chosen to enlist the services of a Broker, as they provide their clients with knowledge, resources and a wide variety of offers. Mortgage Brokers act as an intermediary between their clients and the lenders who provide mortgage loans. Brokers are amazing customer advocates, striving to find the best financial solutions for their borrowers.
Some lenders work exclusively with mortgage brokers and rely on them to be the gatekeepers to bring them suitable clients. You may not be able to call some lenders up directly to get a retail mortgage. Brokers may also be able to get special rates from lenders due to the volume of business generated that might be lower than you can get on your own.
The alternative to working with a broker is to call up dozens of lenders and compare their mortgage terms and rates on your own. A broker saves you the time and headache of having to do that. A broker also can steer you away from certain lenders with onerous payment terms buried in their mortgage contracts.
There are several different types of fees that can be involved in taking on a new mortgage or working with a new lender, including origination fees, application fees, and appraisal fees. In some cases, mortgage brokers may be able to get lenders to waive some or all of these fees which can save you hundreds to thousands of dollars.
The insight offered by a Mortgage Broker throughout this process is invaluable.They provide you with personal, individual support and attention tailored to your unique situation.
Contact me today to start the simple process, or apply online! -Dave Fitzpatrick