Monday, May 7, 2012

SHOPPING FOR A MORTGAGE? WHY USING A BROKER IS BETTER THAN GOING TO A BANK

A lot of people don’t know the difference between going to their local bank branch and hiring a broker when in the market for a mortgage.  As a mortgage professional, you want people to know the difference and why it is truly in their best interests to hire you as opposed to simply going directly to any old bank!  Here is a blog that you can share with your clients on the advantages of hiring a broker and just what it is that your services offer…
So, you’re in the market for a mortgage?  One way to do it is to go directly to the bank at which your everyday accounts are held – that does make things simple, right?  Well, maybe, but it really is in your best interest to contact a mortgage broker because chances are, he or she will be able to get you a better rate.  How? A mortgage broker does all the leg work for you.  Your broker will shop around to ensure that you get the lowest rate and the best deal possible.  A skilled broker will take the time and work to understand all of your requirements and objectives.  Brokers have access to a plethora of lenders that you otherwise would not come into contact with (on your own).  It’s even possible for a broker to present you with loan offers that come from banks and/or other lenders that exist outside of your locale.   
 Brokers can save people hours and hours of precious time, as they work independently and not for any one bank or financial institution.  Brokers are not themselves lenders.  They work for their clients – you and me!  And, it’s in their best interests as well as yours, to get you approved for the best rate and best terms possible.  Brokers represent you and make their money only when a loan closes.  Therefore, your best interests are theirs. 
Not only can a broker find you the best rate possible, but he or she is also able to get you deals on other associated costs that you would not otherwise be privy to and would therefore never have a shot of getting!  A broker is a master negotiator!
One more advantage is that a broker is often able to arrange a variety of different payment options for you, while a bank can only offer the specific payment method(s) that they use.  Furthermore, should you need to refinance you mortgage loan at a later time, your broker is able to offer service here too.  A broker can arrange to refinance with a different bank or financial institution from the original one, if it is in your best interest.  Once again, your broker is able to get you the best rate and terms for refinancing.
Using a mortgage broker for one of the biggest purchases of your life is really win-win.  If you opt not to, you could be setting yourself up to not only lose hard-earned money unnecessarily, but you might not be getting the best deal, not to mention all the perks that you possibly can.  And, why would you do that to yourself??

No comments:

Post a Comment