A professional mortgage broker originates, negotiates, and processes commercial mortgage loans on behalf of the client. We have listed a few of the many advantages you will have when using a mortgage broker:
A mortgage broker represents your interests. They should act not only as your agent, but as a knowledgeable consultant and problem solver. With access to a wide range of mortgage products, a broker is able to offer you the greatest value in terms of interest rate, repayment amounts, and loan products. Mortgage brokers will interview you to identify your needs and your short and long term goals.
A mortgage broker offers a wide range of mortgage loans from a number of different lenders. The greater the broker’s experience and network, the better your opportunity to obtain the loan product and the interest rate that best suits your needs.
A mortgage broker navigates you through any situation, handling the process and smoothing any bumps in the road along the way. For example, if borrowers have credit issues, the broker will know which lenders offer the best products to meet their needs. Borrowers who find they need larger loans than their bank will approve also benefit from a broker’s knowledge and ability to successfully obtain financing.
With a mortgage broker, you only need one application, rather than completing forms for each individual lender. Your mortgage broker can provide a formal comparison of any loans recommended, guiding you to the information that accurately portrays cost differences, with current rates, points, and closing costs for each loan reflected.
A mortgage broker is offered loans on a wholesale basis from lenders, and therefore can offer the best rates available in the market, typically making the total loan cost lower for the client.
You should expect your mortgage broker to help smooth the way, be available to you, and advise you throughout the closing process.