Find a local independent mortgage broker near you. Secure the best home loan for your situation by utilizing a mortgage broker over a bank.
LOCAL PARTNERS "I’ve referred mortgage brokers to my buyers for over 20 years. They are local, easy to reach and most have quick access to processors and underwriters, which helps with timely information. Big banks usually outsource and their loan officers are impossible to reach. Mortgage brokers are involved in every step of the process."
What is a mortgage broker? A mortgage broker acts as a middle man between the homeowner and the mortgage lender. A broker can prepare your loan application, financial documents, and issue mortgage pre-approvals just like any lender can. A mortgage broker works with several mortgage lenders and banks and submits your loan file to them to issue the loan.
Mortgage brokers offfer trust and reliability. Though interest rates and fees may be lower with online lenders (think less overhead), it isn’t always the case. A mortgage broker can shop around to a variety of different lenders, loan programs and underlying investors to find the loan that best suits your needs.
The mortgage-lending landscape. Mortgage bankers: They work for a specific financial institution and package loans for consideration by the bank’s underwriters. Correspondent lenders: Correspondent lenders are often local mortgage loan companies that have the resources to make your loan, but rely instead on a pipeline of other lenders,...
Mortgage Brokers vs. Banks. There are mortgage brokers, who work as middlemen between banks/mortgage lenders and borrowers on the wholesale end to secure financing for homeowners. And there are banks/lenders that work directly with homeowners to provide financing on the retail level.
A mortgage broker acts as a middleman between you and potential lenders. The broker’s job is to work on your behalf with several banks to find the best mortgage lenders who best fit your needs with the lowest rates. Mortgage brokers have a well-developed stable of lenders they work with, making your life easier.
More from realtor.com: What Your Mortgage Broker Wishes You Knew For more smart financial news and advice, head over to MarketWatch . Angela Colley writes about real estate and all things renting ...
