A mortgage broker is also able to move your file to another lender should a better deal appear. Or if there is a problem with your file in underwrting your mortgage broker can switch lenders within minutes and ensure you meet your close date. Local banks cannot do this.

Mortgage brokers have access to wholesale rates, where as your local bank only has access to the rates that they offer. This can save you money on your monthly payment, especially if you have a unique situation that your bank will not be able to handle.

Mortgage brokers are also familiar with the area in which they operate. Using someone local has big advantages. With so much mortgage information online, it's hard to know who to choose. If something goes wrong along the way with your loan, it is easier to deal with if you have a loan officer you can meet with face to face rather than a website or 800 number.

Working with a mortgage broker has many benefits. Just to name a few: we discuss and explain the programs that are available to you in your particular situation. We inform you in writing that you loan interest rate is locked and wont change. We explain all the documents in plain English so you understand what you are signing. We explain all the costs involved in closing the loan. We give you a timeline of the loan process. We provide you with a good faith estimate. We also coordinate the final closing of your loan.

Many mortgage brokers have expertise in certain types of loans, such a construction-to-permanent loans, poor credit loans, or reverse mortgages. If your situation has special obstacles a mortgage broker may be the best answer.

A mortgage broker's job is to assess your situation and then shop your loan thru 100 different lenders in order to find you the most beneficial loan for your situation. We have access to over 1200 different loan programs and are able to obtain wholesale rates which can save you $100,000 plus over the life of your loan.

Here's something to keep in mind. As a mortgage broker, I'm completely independent. I'm not employed by or work for any bank or lending institution. I work for my clients. The bank is going to look out for its best interests, isn't it nice to have someone working for you, the borrower, and looking out for your best interests?

A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan.



Mortgage brokers are the middle man between you and the lending institution, which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs.

Mortgage brokers have more options than banks. For example. if you have poor credit and need a subprime loan, your bank may have access to one option. A mortgage broker would have access to dozens.
Other situations where mortgage brokers would be able to provide you with more options than a bank include manufactured homes, rural properties, commercial properties, first time home buyers, and special credit situations, such as bankruptcies and foreclosures.

Mortgage brokers have the advantage of being able to access dozens of rates quickly for similar loan programs from different lenders. Although banks have similar programs, their rates can vary widely. Mortgage brokers, through experience and through searching rates, can find which lenders are offering the lowest rates at any given moment.

Many mortgage bankers also have the ability to broker loans that do not fit into their underwriting criteria.

Sometimes specific loans have specific needs. By employing a mortgage broker you can be sure your specific needs will be addressed by someone with experience with your issues.

Mortgage brokers are a necessity for those with less than perfect qualifications, such as homebuyers with impaired credit and low scores. Neighborhood banks often do not cater to homeowners with special needs.