Lower Rates and Fees
The Mortgage Broker model for obtaining financing revolves around two main factors. Our ability to access lending through Wholesale Mortgage Channels and our ability to take one application and shop at hundreds of different Lenders. Since these Wholesale Lending Channels are only responsible for Underwriting and funding the loan, they can offer Brokers far lower interest rates and fees. This benefit combined with the fact that these Lenders all compete for our business, results in massive savings to our clients. For a much more in depth breakdown on how we obtain lower rates and fees, visit our "How Do Mortgage Brokers Offer Lower Rates and Fees?" article here.
Versatility
When you complete an application with a Mortgage Broker, we Pre-Qualify you with numerous different Wholesale Lenders using one credit pull. Once it's determined which Lender has the best option, the Final Application is submitted to the Lender and the file goes to Underwriting. If there are issues discovered during Underwriting that jeopardize qualification, we can quickly send an Application to one of the many other Lender's who have different Underwriting guidelines. If you were to have gone directly to a Bank or Retail Lender and had the same issue, it would set you back weeks and require an additional hard credit pull. This often causes either a worse interest rate, additional fees or the deal to fall through entirely.
Speed
We're experts in getting your loan closed in record speed. Unlike Banks and Retail Lenders who work through a que system, your loan is our main priority. Closing the loan on time is crucial to ensuring you secure the deal and don't lose your interest rate lock. For Purchases, we can typically close a loan within 14 business days and as little as 7 for Refinances.
Independence
We aren’t beholden to corporate sales quotas designed to close as many loans per month as possible regardless of what’s in your best interest. We're only focused on ensuring you obtain the best solution available. This helps eliminate the many conflicts of interest often found in the mortgage industry that most borrowers aren’t aware of.
Better Client Service
Providing great client service is everything to Mortgage Brokers. Unlike large Retail Lenders and Banks who are incentivized to close your loan and move on to their next customer, we'll do whatever it takes to ensure you have a great experience. We would go out of business if we didn’t value client service above all else. If you have a bad experience with a large Retail Lender, chances are it doesn’t mean much to them, you’re just a number.
Convenience
Mortgage Brokers don't just simply match you with a Lender. We're also licensed Mortgage Loan Originators (Loan Officers) who fully originate and close the loan. We perform every function the Loan Officer/Mortgage Banker would if you went directly to the Bank or Retail Lender. The difference is we do it cheaper, faster and more conveniently. We're also available 24/7, 365 days of the year unlike many Banks and Retail Lenders beholden to standard office hours. Brokers also work more closely with all parties involved such as the Realtor, Underwriter and Closing Agent, to ensure the loan closes smoothly and on time.
Mortgage Experts
Mortgage Brokers are mortgage experts, not salespeople. Since we can access numerous different Lenders, we're constantly following new product releases in order to custom tailor the best solution for our clients. We aren't trained to sell only certain mortgage products for one company. We also have access to a vast network of Realtors, Underwriters, Closers, Appraisers and Title Companies so there’s rarely a question we can’t answer.
Mortgage Solutions for All
Mortgage Brokers can often obtain a solution for borrowers who may have otherwise been turned down due to low credit or income issues. Also, if the property itself has unusual circumstances, a Broker can usually find a Lender that will complete the deal. On the flip, borrowers pursuing highly priced homes and/or investment properties are also better off with a Mortgage Broker. Loan qualification becomes more complicated in these situations and we're experts at executing on a wide variety of loan scenarios.
Ongoing Support
Our aim is to create lifelong clients and part of that is continuing to check-in throughout the lifecycle of your mortgage. We're available to help answer any questions as well as keep an eye out for refinancing opportunities.
To learn all about the inner workings of a Mortgage Broker and how we operate, please visit our "What is a Mortgage Broker?" article here.
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