Top 10 Reasons To Use A Mortgage Broker Vs A Bank Lender

Top 10 Reasons to​ Use a​ Mortgage Broker vs .​
a​ Bank Lender
Depending on​ the​ type of​ home loan you​ are seeking,​ you​ could save yourself thousands of​ dollars by shopping various lenders for your home mortgage needs .​
Therefore it​ is​ imperative that you​ know the​ difference between a​ mortgage broker and a​ bank lender .​
The main differences among the​ two are that mortgage broker’s act as​ a​ liaison between the​ home buyer and the​ bank lender .​
Where as​ banks derive the​ loan from their employer.
Below are the​ Top 10 reasons why you​ should use a​ mortgage broker instead of​ a​ bank:
1 .​
First of​ all Mortgage brokers specialize in​ home loans and are commission based,​ so it​ is​ in​ their best interest to​ get you​ the​ best rate possible,​ or​ they don’t get paid.
2 .​
They have an​ exceptionally large network of​ lenders that they work with to​ get you​ the​ most favorable mortgage rates and terms .​
Put it​ this way,​ the​ more lenders you​ have competing for your home loan,​ the​ more you​ save.
3 .​
Mortgage brokers are able to​ work one-on-one with each individual client,​ evaluate their specific needs and find a​ lender that suits them personally .​
Next,​ the​ broker submits the​ request to​ one or​ more lenders and when the​ request is​ accepted the​ broker works closely with the​ lender until the​ home loan closes.
4 .​
They can often times find a​ lender who accepts home loans that the​ bank foregoes .​
Mortgage brokers are also able to​ discuss a​ lower interest rate from lenders in​ trade for bringing in​ business.
5 .​
All-in-all mortgage brokers save you​ the​ groundwork of​ finding the​ best mortgage rate and terms for your specific needs.
6 .​
Banks on​ the​ other hand deal with all types of​ loans and may not have the​ specialization in​ home loans that a​ mortgage broker has.
7 .​
Bank loan officers process mortgage loans originated by only their employer.
8 .​
Loan officers at​ a​ bank are often limited to​ certain home loan products,​ guiding principles and criteria that they must follow .​
This can a​ lot of​ times limit the​ home loans available.
9 .​
Regardless if​ you​ choose to​ have your home loan with that particular loan officer or​ not,​ they are still getting paid a​ salary .​
With this in​ mind they may not be looking out for the​ best interest of​ you.
10 .​
Banks do not have a​ network of​ lenders that they work with .​
Every home loan application the​ bank receives is​ from one lending institution.
If you​ are ready to​ finally purchase your dream home,​ look to​ a​ mortgage professional to​ help you​ comparison shop .​
I​ suggest you​ go online and search for mortgage brokers in​ your local area .​
There are numerous sites that actually do the​ shopping for you​ which will end up saving you​ a​ lot of​ time and phone calls .​
They can also help you​ find the​ lowest rates and fees for your home mortgage needs .​
The right home loan is​ just one step out of​ the​ home buying process that you​ will not have to​ be concerned about.

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