5 Facts About Your Local Mortgage Broker

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Facts About Your Local Mortgage Broker

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If you want to choose the best home loan for your financial situation, working with an independent mortgage broker is an important step in buying the home of your dreams.

What does a mortgage broker do exactly? And what are the benefits of using a mortgage broker over an online lender or bank? Here are some important facts about mortgage brokers that will help you understand their role within the home-buying process and why working with one may be the best decisions you make.

What is a Mortgage Broker?

A mortgage broker is a home loan expert that connects prospective homebuyers with mortgage lenders. There are plenty of options when it comes to lenders, and mortgage brokers shop around to find the best interest rates, terms and loan products to meet your needs.

Once you’ve chosen a loan that meets your financial needs, your mortgage broker guides the process through underwriting and closing — communicating with you and the lender throughout the entire process.

What’s the Difference Between a Mortgage Broker and an Online Lender or Bank?

A mortgage broker works on your behalf to secure the home loan that best suits your situation and needs. Brokers leverage access to multiple lenders to present you with the best loan options and products available.

In contrast, banks and online lenders can only offer you their own mortgage loan products and rates, which can be limited.

A mortgage broker can also save you time by shopping loans and communicating with lenders on your behalf to find you the best interest rate (think lower monthly payments).

How Do You Choose a Lender?

A bit of research goes a long way to find the right lender for you. If you have friends or family that have used a mortgage broker in the past, reaching out to them would be a great start to hear about their first-hand experience.

Read reviews whenever they’re available! You may not know the homeowners personally, but their experiences can help you deepen your perspective and make a more informed decision.

Your real estate agent is another great referral source. They’ll likely be able to recommend a local mortgage broker they’ve worked with and speak to any unique loan specialties or services they offer. You can also always search for a local mortgage broker right here on Mortgage Matchup.

Now that you know some facts about working with a mortgage broker, it’s time to experience it for yourself. Start your search for a local mortgage broker today!

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