Real Estate Insights

Obtaining the right home loan is about options...That's why many borrowers today look to someone who understands the complexities of home financing and can guide borrowers through the process step by step; an expert who knows your area, the homes and the available lenders; someone who takes pride in helping you choose your loan transaction. Brokers can help make the home financing experience more personable, hassle free and empowering for their clients.

For years, professional mortgage brokers have been making home financing more convenient for borrowers, offering many valuable services and information to their clients. Such services include industry knowledge and experience, professional advice and recommendations, competitive interest rate shopping, convenient and professional loan processing, same day purchase loan pre-qualifications, access to a variety of lenders and their programs, alternative solutions when needed. Mortgage brokers offer insight into the current real estate markets; their existence depends on their ability to understand current market trends and provide their clients with the best mortgage solutions available.

Additional services provided by mortgage brokers may include professional real estate services for buyers and sellers, credit score management and improvement, property management, Since mortgage brokers offer the loan products of many different banks and direct lenders, borrowers can easily compare the different mortgage programs available to them.

One major misconception held by many borrowers is that mortgage brokers are merely middle men and that they will end up spending more for a mortgage through a broker than through a direct lender or bank. This is not the case. Mortgage brokers offer home loans at discounted rates and fees as they sell their mortgages wholesale, rather than retail through direct banks and lenders. So, if you want the lowest rates and fees, as well as the widest selection of mortgage products, then a mortgage broker will be the best choice.

Also, when shopping for a new home loan, mortgage brokers are required by law to furnish a good faith estimate of their fees upfront to their clients so they understand what charges and fees they may expect to see in connection with thier loan. Banks and direct ledners are not governed by the same rules as mortgage brokers so they may not be required to disclose all of their fees.

Another difference between banks and brokers is the difference in customer service. Banks only have their own loans to offer borrowers and will usually have the mindset to "push their products" instead of trying to help the borrower determine the best mortgage program for their financial situation. Since mortgage brokers offer the loans of many banks, at discounted rates, the broker will be more inclined to help the borrower make an educated decision as to which mortgage program to go with. Many experienced brokers will even work closely with a borrower's tax advisor or Financial planner to ensure the new home financing will be the best choice for the borrower.

So, for the most competitive interest rates and the widest selection of mortgage programs, you may want to contact your local mortgage broker the next time you are considering to finance your home.