- Save Money– A good mortgage broker will save you money. Our rates consistently beat the big banks and credit unions and the reason why is simple. We all have access to the same wholesale rates, but banks have huge overhead. They have brick and mortgage buildings, lots of employees, managers, high paid corporate executives and CEOs, and huge marketing campaigns. Our overhead is much less, and we pass on the savings to you.
- Personal Advocate– A mortgage broker works for you and is on your team. A loan officer at a bank works for the bank and is on their team.
- Save Time– The loan process is often time consuming. A mortgage broker is the middle man between you and the bank and will be doing the follow up for you. With a bank you may be the one calling them and chasing their employee for updates on your loan.
- Expert Advise– Mortgage brokers work with lots of lenders daily and will know the best options for your situation. They know how to circumvent potential issues and they know how to navigate the lending process as smoothly and efficiently as possible.
- More Options– A bank usually only has 4 or 5 basic loan products available. Mortgage brokers work with dozens of lenders and have 100’s of loan products to choose from. Every situation is different and having options allows brokers to get deals closed that would otherwise be turned down by a local bank.
- Minimize Stress– With all the various mortgage products, guidelines, and qualifications it can be overwhelming. During a purchase this adds to the stress of finding a home. Working with an experienced mortgage broker will minimize your stress in more ways than you can imagine.
- Loan Amount– Having access to a large range of loan products allows a mortgage broker to maximize a borrower’s loan capacity. A bank will only have limited options.
- Hours of Operation– Mortgage Brokers are self-employed and will often be available during late hours and on weekends. This is when buyers often want to make an offer and need additional support. Banks are typically open 9-5 and you won’t get much service beyond those hours.
- Better Service– A mortgage broker will give you a much higher level of service. Brokers work on commission and they rely on referrals. Bank employees are paid hourly and receive a paycheck no matter what.
- No Cost to You– Mortgage Brokers are paid by the bank and not by you. We do not charge any extra fees. We don’t even charge to pull your credit (however many other brokers do).
One final word of advice. Not all mortgage brokers are created equally. There are some mortgage brokers who charge extra fees and have higher rates than banks. Mortgage brokers are in control of what they charge, so make sure you are working with a good one, like us. www.GrandLendingCa.com
You can contact the author, Brian VerBurg, by email brian@GrandLendingCA.com