“Buy a house,” they said. “It will be fun,” they said.
But nobody quite prepared you for the information overload that comes along with securing a mortgage. Researching lenders alone is enough to make your head spin. Then, there’s the back-and-forth of negotiation. And then—everybody’s least favorite part—the dreaded paperwork.
If only there were somebody to help you with all of that, to take the stress off of your shoulders. A liaison. An intermediary. A middleman.
Enter the mortgage broker.
Our nationwide directory at Top10MortgageBrokers.com can help you find mortgage professionals near you to help take the confusion out of the process. Here are the top three benefits to using a mortgage broker over a big mortgage corporation or bank.
Brokers save you time—and stress.
A mortgage broker’s sole purpose is to act as a liaison on behalf of you—the homebuyer—in order to find a lender who is willing to offer you the loan that you need. They have the industry knowledge, professional connections, and wisdom that the average consumer doesn’t. You communicate your needs to the broker, and then they do the rest of the legwork. They’ll have you fill out one application (hallelujah) with information that they can then use to find the best lender(s) for you. If you were going the process alone, you’d have to fill out an application for each individual lender you were seeking a loan from. Of course, this process can be confusing and time-consuming.
Perhaps even more confusing than the application process is the comparison process. A mortgage broker can give you a
comprehensive, informed breakdown of all of the loan offerings available to you. You might not have the knowledge to put into context what constitutes reasonable rates, closing costs, etc. Your broker can save you both time and stress by taking care of making the pros-and-cons list on your behalf. Then, you can weigh them and make an informed decision.
Brokers are advocates, just for you.
A downside to working with big mortgage corporations and banks is that they often view you as just another number. For one thing, they often don’t have an obligation to disclose how much money they are making on your loan. This can leave you having to pay more than is absolutely necessary if you aren’t sure how to loan shop aggressively or when you need to negotiate. A mortgage broker serves as your advocate, finding personalized options that work in your favor. There’s also a greater degree of transparency when working with a reputable mortgage broker because they will clearly disclose their compensation on your closing statement. There shouldn’t be any hidden fees or surprises.
Brokers can offer you a greater degree of personalization.
Brokers work to represent your interests, not the interests of any lending organizations. Put simply, their allegiance is to you—not the bank. As such, their full and undivided attention is placed on ensuring that the loan process goes smoothly for you. Your mortgage broker will have a unique profile of you as a borrower, allowing them to assess which lenders can meet your specific financial needs. All in all, a mortgage broker can give you a more customized experience than what one of the big banks can.
The takeaway: a mortgage broker can help make the potentially bumpy process of securing a mortgage go a lot smoother. Take the stress away—use our directory today to help find a broker near you.