- Saves Time – An experienced mortgage broker has a network of relationships to help you quickly find the lender that best fits your particular loan request.
- Saves Money – The cost of using an experienced mortgage broker is a sound investment that yields a great return. The real savings is in the opportunity cost lost by finding the wrong lender for your particular loan request. The wrong lender can end up costing you way more than you would have ever paid a mortgage broker to find you the right loan. Also, finding the right lender and loan program provides savings that can carry on throughout the loan servicing term when it comes time for renewals, extensions, advances.
- Helps Increase Your Knowledge – A mortgage broker has a vast amount of experience working with many types of borrowers and lenders in a variety of different transactions. This experience and knowledge can help in structuring the right deal for your specific transaction as well as help make you a smarter investor.
- Assists in Negotiation – When necessary, a mortgage broker can step in as a mediator between the borrower and the lender when issues arise either before the transaction has closed or after the loan has funded.
- Provides Guidance in Making Decisions – A mortgage broker can help direct you throughout the whole loan process and beyond, even after the loan has closed. Many decisions need to be made including: choosing the right lender and the right loan terms to best fit your specific need, gathering the right documentation, and presenting it to the lender in the best format. Often, after a loan closes, there are modifications, extensions, and issues that arise that require the assistance of a mortgage broker.
- Provides Balance in Your Approach – People often get caught up with emotion and can get so focused on what they want that they lose sight of the big picture. A mortgage broker is a person that can help keep you grounded and moving in the right direction to accomplish your goal.
- Properly Documents Your Loan Request – A mortgage broker will present your loan request in a format that lenders like to see. There is nothing worse from a lender’s perspective than a loan request that is unclear and disorganized. A well-presented loan request can make the difference between getting a loan and being bypassed by the right lender.
- Provides a Variety of Lending Options to Choose From – A mortgage broker will have a database of lenders. He/she will be able to lay out the different options available for your specific loan request, outlining the pros and cons of each deal. This will allow you to choose the loan request that best fits your particular situation.
Have you ever used a mortgage broker? If so were they helpful? If not, why?