In our previous blog post, we talked about different options buyers have when it comes to home mortgages. Specially, we broke down the differences between using a mortgage broker or using a bank for your mortgage needs. To expand on the advantages of mortgage brokers, we put together 5 reasons why you should hire a mortgage broker:
1. At Your Side (during the home buying journey)
To start, a mortgage broker can help you find a realtor to work with and find home listings within your budget. They’re in regular communication with different lenders who can offer specific loan programs. Loan programs are based on your unique buying needs. These unique programs aren’t always readily available through a bank and can differ between brokers. In general, a broker is in a better position to save you from lenders with strenuous payment terms or financial criteria.
Mortgage brokers are also responsible for gathering and managing any critical paperwork. This is a huge time-saving measure so you don’t have to handle the burden of coordinating loan information, signatures, and piles of paper. Plus, they act on your behalf, helping to communicate with a lender and secure your mortgage. With the best possible deal.
2. Quicker & More Efficient Access To Lenders
If you were to handle the mortgage process by yourself, you would need to first find different mortgage lenders and loan programs available. Comparing their rates, terms of service, and other fees. It would take a lot of time and resources. Moving from office to office, speaking with processors, and coordinating price points (especially with ever-changing mortgages rates).
Mortgage brokers naturally have better access to mortgage rates, lenders, and special loan programs. Brokers are in a better position to get special offers on retail mortgages and are typically more accessible for customers and lenders alike.
3. Mortgage Fee Management
If you’re seeking mortgage services for the first time, you’re probably unaware of the different types of fees involved with any home purchase. Common additional charges include things like origination fees, application fees, appraisal fees, lawyer fees, and more.
Mortgage brokers have a close network of realtors, lenders, appraisers, and lawyers. Due to these relationships, fees are easier to manage. Your mortgage broker may get the lender to waive some of these fees or work with an appraiser to lower reporting costs. Each mortgage broker is different and can offer various types of fee management.
4. Financial Diversity
A mortgage broker is constantly paying attention to the market and lending options. Their craftiness within the marketplace will result in the exact mortgage solutions you need. They offer a vast range of loans, lenders, and are more flexible about your financial profile. An experienced broker tends to have an extensive network. This’ll provide different opportunities for you to get the best loan product and interest rate. Other mortgage companies and banks won’t always have the options you need. Or they’ll provide straightforward loan programs that won’t work for your specific financial situation.
5. You Get The Best Deal
Hiring a mortgage broker means the broker represents your needs and interests. They’re your personal advocate during the home buying process. The mortgage industry is competitive and any good broker will be sure to provide the best possible customer experience. Their job is to secure your mortgage and they’ll work tirelessly to make that happen.
Essentially, brokers are your agent and consultant all wrapped in one. They represent your needs while working with lenders and take the time to define your mortgage requirements. To first understand these requirements, a mortgage broker will interview you and collect financial data. Then, together you’ll identify short and long-term goals. From there, they’ll map out a way to meet those goals. Quickly and efficiently.
Ready to speak with a mortgage broker?
Remember, ask plenty of questions when you’re getting started with a new mortgage broker. Our team is readily available to answer any questions you might have. You can click our live chat icon to speak with someone as soon as possible, visit our team page, or click here to send us a message.
Preferred Mortgage Corp. of NY is a mortgage broker located in Rochester, NY.
We provided mortgage services throughout New York State including Rochester, Buffalo, Syracuse, Albany, and New York City. We’re also licensed to do business in Florida. Click here to contact us about our mortgage services.
Preferred Mortgage Corporation of New York – NMLS # 44812 Registered Mortgage Broker – NYS Department of Financial Services & Licensed Mortgage Broker Florida Office of Financial Regulation Loans Arranged Through Third Party Providers