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Quality of service is the most important aspect of choosing any lender or mortgage broker. A home loan is almost always the single largest debt that most people incur in a lifetime. It’s crucial to obtain the loan with the most favorable terms available. To achieve this, the first thing to do is select a qualified and experienced mortgage broker to represent you throughout the mortgage process.
Nationally, mortgage brokers originated over 70% of all mortgage transactions, according to statistics from the Mortgage Bankers Association of American and various mortgage-industry observers. There are compelling reasons for this. Some of the advantages to using the services of a mortgage broker over going directly to a lender are:
- A mortgage broker can provide financing that’s customized to the borrower’s needs. Any one lender has a limited number of loan programs to offer; thus, their in-house loan agents can offer to the consumer only its own loan programs. In contrast, a mortgage broker, who represents dozens of lenders and virtually hundreds of loan programs, can customize a program to the borrower’s specific needs and not be limited to the underwriting guidelines of one particular lender.
- A mortgage broker acts as an advocate and intermediary for the borrower. The broker will often step in to negotiate terms and conditions that are more favorable to a borrower than those s/he would receive by working directly with the lender.
