Below are five reasons you may want to choose a mortgage broker over a mortgage banker.
- Mortgage brokers have access to multiple mortgage lenders and can make sure you are getting the best rate and terms on your loan while only pulling one credit report.
- Mortgage lenders compete to win the mortgage brokers business. This means better all around service and can help avoid any pitfalls of the loan process.
- Loan guidelines change frequently and a licensed mortgage loan originator must stay informed on all market changes.
- The livelihood of a mortgage broker depends on the amount of loans they close so there is a much greater incentive for them to get your loan closed on time.
- Federal laws have been passed to regulate how much a mortgage broker can charge each borrower making sure rates and fees are fair.
In conclusion, there are good mortgage brokers and mortgage bankers. Choosing an experienced mortgage broker will offer the advantages listed above.
