Understanding the important role a mortgage broker can play in helping you get a home loan with a low interest rate will save you tens of thousands of dollars. Here is a peek into what a mortgage broker does to help homeowners of all ages and walks of life find the best possible deal on a mortgage loan.
Mortgage brokers are basically middlemen. They help a borrower fill out a mortgage application and then take this application to a number of potential lenders to see which one will offer the best deal. In many cases you, the borrower, will need to pay the broker’s fees; however, in some instances the broker’s fees are paid by the mortgage lender. However, the broker is not allowed to receive payment from both you and the lender.
The Benefits of a Mortgage Broker
Using a mortgage broker can enable you to save time and money because:
- A broker can look over your papers and make sure you have all the documents needed to apply for a loan
- Brokers work with more than one mortgage company and so may know about loan options that you aren’t aware of
- Brokers can help you structure your loan right in order to save money
- A broker will save you the time and hassle of meeting with various lenders to see which one you want to work with
- A broker will help you assess your home equity and property’s appraised value if you need a refinance loan.
Those who have financial issues that would make it hard to get a home loan will find that working with a broker can increase the odds of successfully applying for a mortgage loan. Even so, mortgage brokers aren’t just for self-employed individuals or people with poor credit and/or limited funds for a down payment. Even those who are doing well financially can benefit greatly from taking advantage of all that a broker can offer.
Mortgage Investors Group offers mortgage broker services, providing access to multiple loan options to suit the needs of any home buyer. Get in touch with a loan officer from one of our branch offices to learn more about obtaining a mortgage loan or home refinance loan that suits your needs and budget.