Choose Wisely-A Comparison of Mortgage Brokers And Banks
BATTLECALL GUEST EXPERT: Kevin Ozinuck, Break
Water Mortgage
Mortgage Brokers Do The Work So You Don't Have To
My career in the mortgage industry has provided me with many opportunities to
work with both mortgage brokers and banks. I believe mortgage brokers are great
tools for consumers in search of the best financing options available. A
mortgage broker differs from a bank representative in some important ways. The
broker can shop and find the best deal for a homebuyer or refinancing deal. The
bank only sells its own products. The mortgage broker takes one application and
one credit report and utilizes all of the resources to find the best rate and
mortgage program available. In my role as the mortgage broker I am an expert
working hard specifically for the consumer.
Mortgage Brokers Can Show You All The Possibilities
As a mortgage broker I may work with up to one hundred lenders all over the
country. The consumer never knows about many of these companies because mortgage
brokers have exclusive access to them. When a bank turns down a mortgage
application for any reason, the bank is finished with that potential customer. A
mortgage broker is not through -- he or she moves forward to find the next best
lender. If a customer does the mortgage research alone mortgage companies want
to pull a credit report before giving any details about products and programs
you qualify for. All of these credit inquiries may lower your credit score and
when it is time to qualify for the mortgage this is critical. My goal with every
customer I work with is to find the best rate. This money all comes from
essentially the same places: investors on Wall Street. Customers with good
credit will be quoted a similar rate from a bank.
Tap Into Broker Knowledge And Thrive Under Special
Circumstances
Consumers dealing with more credit challenges may find they have more choices
with a mortgage broker. A lack of a down payment, a short time in business or
the inability to prove all of your income may be a problem and a skilled
mortgage broker will be able to find a solution. I can find specialty programs
many lenders don't have or don't know about. Mortgage brokers shop around the
country and they have the knowledge and expertise to get someone with unique
circumstances approved.
How Does The Mortgage Broker Get Paid?
In the mortgage industry brokers are an integral part of the equation to get
the best value for your money. I am the middleman between the customer and the
lender. Mortgage lenders compensate mortgage brokers for completing a large
portion of the work. When a mortgage broker markets and originates the loan
lenders only have to deal with basic negotiations that involve an educated party
(the broker), the approval process, and execution of the loan. The cost for
banks and mortgage companies do not differ.
Compare A Mortgage Broker To A Buyer's Agent
A mortgage broker is like a buyer's agent for your mortgage.
A buyer's agent represents the home shopper's best interest. The agent is an
educated real estate professional dedicated to representing only the purchaser.
With this representation the homebuyer can save money and have better deals
negotiated.
As a mortgage broker, I negotiate the term of a loan with only my customer's
individual needs and desires in mind. As a consumer it can be difficult to find
advisors and representatives completely committed to your best interests. A
mortgage broker is the key to uncovering all the possibilities and securing the
best mortgage rates you can find. Be sure to choose wisely and you can reach
your highest home investment potential.
Got an opinion? We want to hear from you. Post your thoughts or comments here in our Mortgage Warrior Forum. Come join the conversation and say hello...onward mortgage warrior!
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