The mortgage broker is your one-stop shop for all things related to your mortgage financing. They can help you find the best deal, and often present you with multiple options that best fit your needs!
First and foremost, mortgage brokers are not lenders. They are intermediaries who work with both borrowers and lenders to help secure financing. A mortgage broker opens avenues to options that you may not know were available. By working with banks, credit unions, and private lenders, a mortgage broker can help find a solution that makes more sense for your situation.
The number one thing people think of when they consider mortgage options is usually the rate. While rate is important, there are other considerations that can play an important role in your decision. Prepayment options, term lengths, and alternate payment schedules can all make your mortgage better suited for your current and future needs.
If you’ve ever worked directly with lenders, you may have heard about how they’re the perfect fit for you. But, it’s important to remember that mortgages aren’t “one size fits all” products. This can sometimes mean that the product you end up with doesn’t meet your needs completely. When you work with a mortgage broker, they are not exclusive to any one lender; they often work with dozens of different lenders. And, they work for you.
With a mortgage broker, you can navigate this unfamiliar territory and save time by working with one contact point who will take care of all your needs. Your credit score won’t be hit every time an application is made, either!
Working with a mortgage broker is an excellent way to find the right lender for you. Brokers are experts at matching their clients up with lenders who are equipped to serve them, so they can help make sure that any loan applicants get approved quickly, while also guiding toward a positive future outcome on both sides!