All About Mortgage Brokers: Who are they and do you need one?

What is a mortgage broker?

Your decision to purchase a home is a significant one. As such, you want to ensure that you have the best financial advisors on your side who help you fully understand how to get a mortgage at the best rate possible.
Most banks have loan officers available to answer basic questions related to interest rates and other mortgage tips. However, it may be more beneficial to use a mortgage broker when seeking a home loan.
Hiring a mortgage broker may be the ideal choice if you want more in-depth experience than the banks typically provide. 
What exactly is a mortgage broker? What are the qualities that you would want in the advisor of your choosing? Our team put together some helpful information about mortgage brokers:

What is a mortgage broker? 

A mortgage broker is an individual who acts as a mediator between the borrower and the lender. The broker does not typically work for the bank, which means that they are more of an unbiased member of the real estate transaction. Usually, this leads your broker to be able to negotiate better terms for your loan. 

Why would someone choose a mortgage broker? 

Mortgage brokers are great resources for first-time homebuyers who might have questions about the home buying journey. In a real estate transaction, they act as a representative of the homebuyer and not the lending institution. A mortgage broker’s job is to ensure equal lending terms on both sides and align loan programs to a homebuyer’s financial profile.

What are some qualities of a good broker? 

The best mortgage broker always has the borrower’s best interest at heart. They understand first-time homebuyer’s financial needs and mediates for a mortgage agreement that consumers can comfortably fulfill. A mortgage broker needs to be trustworthy, transparent, and an active participant in the homebuyer’s journey to closing. Good mortgage brokers also pay attention to the details and knowledgeable about changes in the market that affect home loans. 
Your mortgage is only as good as the financial specialists fighting to get you the best agreement. Let us broker your new home loan or refinancing efforts.

Contact a Mortgage Loan Officer

If you live in New York or Florida and would like to discuss your mortgage options, please fill out the form below.
Ready to speak with someone now? Give us a call toll-free at 800-320-0447 or email info@preferredmortgagecorp.com.

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