What does an independent mortgage broker do?

Business News | 23 Jul, 2020 |

Are you in the home buying market? Ready to take the leap into homeownership? There are so many things to consider when you are about to buy a house.

Will I find the right house? Can I afford it? Do you want a fixer-upper or move-in ready?

Likely the most important question you’re trapping with has to do with financing, where to get the best rates, and who to work with. You might have heard about an independent mortgage broker as an option to help with your home mortgage.

Could an independent mortgage broker help you find the best financing for your new home?

Read on to learn all about the role of the independent mortgage broker.

What Is a Mortgage Broker?

When you buy a house, there will be several professionals you’ll need to rely on. You need your real estate agent and home inspector. You also need someone who knows about mortgage lending.

The best mortgage broker will be one who has knowledge and connections with many lenders in the mortgage industry.

An independent mortgage broker works as a middleman. Instead of you having to go to multiple lenders to shop for deals and look for the best rates and terms for your mortgage, they do it for you.

It can be time-consuming and overwhelming as a homebuyer to try to shop around for a mortgage.

A mortgage broker works with multiple lenders so they can find the best lender to match you as a borrower.

How Is a Mortgage Broker Beneficial?

There are several benefits to working with a mortgage broker.

First, they work with so many lenders. They might work with dozens to hundreds of different lenders. It gives them many options when it comes to tailoring a home loan that will best meet your needs and criteria.

Second, they have options. If you have less than stellar credit, they can look for a lender who offers mortgages for lower credit scores. If you want to get a home loan with a low down payment, they can find the best lender who will give a mortgage with that criteria.

As the borrower, using a mortgage broker can also save you time. You don’t have to do the shopping around. You also don’t necessarily have to do all the separate loan applications while looking for the right mortgage. The role of the mortgage broker is to shop and handle the lenders on your behalf.

Loan Officer Vs. Independent Mortgage Broker

If you walk into a bank to get a home loan, you will meet with a loan officer. That loan officer only writes loans for that lender.

It means they have less available loan packages because they only represent that lender.

An independent mortgage broker works as an independent agent. They go to multiple lenders to get loans for their clients.

Using a Mortgage Broker

It can be an exciting time when buying a new house. It can also be overwhelming and time-consuming.

Let an independent mortgage broker help you navigate the lending world by finding you the best mortgage for your new home.

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