5 Benefits Of Using A Mortgage Lending Broker
A mortgage lending broker is not a mortgage lender. The lender is the organization that loans you the money for the mortgage, but a broker helps you find a lender. While it may seem more advantageous to skip the middleman and go straight to the lender yourself, there are actually several advantages to using a mortgage lending broker.
Here are 5 of the benefits:
Broker works for you
A broker has dozens, perhaps even hundreds, of options for you. They can offer creative ways to finance your home, and they will always try to find the best deal for you. The lender, on the other hand, is always going to be concerned with the interests of the lending institution. They’re going to offer you the deal that’s best for them, and that may not be what’s best for you.
Broker saves you time
Filling out paperwork and applications for multiple lenders can be time-consuming. A broker handles this for you, freeing you up to focus on other things. Your broker handles the paperwork, and the back-and-forth haggling, so you don’t have to worry about it.
Broker offers more flexibility in execution
Lenders can be pretty rigid in their way of doing things. Your broker can get more flexibility for you when it comes to things like the closing process, such as closing dates or times, and perhaps getting more leniency if you have credit issues or if there are problems with the paperwork.
Brokers can offer extra services
If you go straight to a lender for a mortgage, they’re going to focus on that. If they deny you due to poor credit, they’re unlikely to offer suggestions on how to clean it up. Pacific Lending Mortgage Brokers, for example, can offer debt consolidation, mortgage renewals, and equity take-out, in addition to a variety of mortgages, including construction and commercial mortgages.
Some banks and lenders work exclusively with brokers
This means that working with a broker can open up doors to services and products that you otherwise wouldn’t have access to. You may get a much better deal this way than you possibly could have on your own.
Brokers save time, money, and headache. They offer you the best deals for you, and walk you through the process so it’s as quick, painless, and easy as possible. Save yourself the hassle and let a broker work for you.