Whether you’re purchasing your first or your last home in California, the excitement is still the same. While it’s always possible to secure a home loan from a local area bank or credit union, there are a number of reasons you should consider working with a central California mortgage broker. If you’re ready to apply, here are 4 need-to-know facts about where this is concerned:
- Mortgage brokers are middlemen – a mortgage broker acts as the go-between for buyers and a number of different potential lenders. Instead of calling all those lenders on your own, comparing interest rates, and filling out numerous loan applications, a mortgage broker does all the legwork for you. These licensed professionals will search their lender network in order to find you the best interest rates and loan terms. By examining your credit report and gathering up all the important documents, this will save you a considerable amount of time and effort.
- Mortgage brokers have connections – every mortgage broker has invested time in building and cultivating long-term relationships with numerous mortgage lenders. While this often includes national banks, it typically includes several local and regional lenders as well. Because of these relationships, it’s not uncommon for mortgage brokers to find special deals, thereby negotiating on your behalf to find the lowest fees and interest rates. Interestingly enough, there are dozens of lenders that fund home loans through mortgage brokers.
- Mortgage brokers operate on a commission basis – the mortgage broker that you work with earns a commission based on the size of your home loan. Their commission is commonly referred to as a “loan origination fee” and usually averages 1% of the loan amount which is due at closing. Furthermore, some mortgage brokers will allow you to include their fees in the cost of the mortgage. That way, you won’t have to pay such a large upfront cost out-of-pocket.
- The best mortgage brokers are often found via referrals – when you start searching for the best mortgage broker, ask your family members, friends, and even co-workers for their input and referrals. If one of these individuals had a pleasant experience with a particular mortgage broker, you’ll most likely be pleased with that broker as well. This will definitely give you a better chance to be successful rather than searching through countless mortgage brokers yourself.
Get In Touch With Your Mortgage Specialist Today!
With this knowledge in mind, you should be able to find a great deal on a mortgage loan. To learn more, call Granite West Funding today at (559) 540-2275. Our experts are available to take your queries and offer professional advice so that you get the best mortgages on your home buy. Call now.