One question I frequently encounter is Why should I use a Mortgage Broker instead of my bank or credit union.
There are many reasons an individual should consider using a Mortgage Broker. Mortgage Brokers are continually gaining more of the market share for mortgages as buyers are becoming more educated on the home buying process.
Mortgage Brokers do not work for a particular lender so there is no allegiance to anyone particular lender.
They work for their clients and therefore have their best interests at heart. If you are using a mortgage specialist from a particular financial institution, remember that they are employed by that institution and that is where their allegiance lies first and foremost.
Like I mentioned above, Mortgage Brokers work with a variety of lenders including big banks, monoline lenders, “B” lenders, and Private Lenders so we are not tied to a specific set of policies. We have the ability to look at mortgage options from a variety of lenders to find that particular mortgage that best suits your situation, lifestyle, and financial goals. Because of this we are often able to find mortgages with better rate and terms for our clients.
Mortgage Brokers generally are flexible with their time. They have the ability to work outside “normal” banking hours and often provide clients with their personal phone number and email address and will take calls in the evening and on weekends.
There are more rules and regulations being created around mortgages all of
the time so it is essential to receive independent, educated advice. Mortgage Brokers are required to take continuing education to stay on top of all the changes to the rules and regulations. The majority of Mortgage Brokers stay on top of these changes without being required to as they take the profession seriously.
As you can see above there are many advantages to using a Mortgage Brokers!