So, you’re ready to shop for a mortgage. But where do you start? Maybe your real estate salesperson has a recommendation. Maybe you’ve been approached by your bank. But how do you know what is right for YOU?
Have You Considered a Mortgage Broker?
You may want to consult with a mortgage broker. A mortgage broker is a professional who works in cooperation with many different lenders and offers a whole spectrum of different types of loan products. A broker isn’t limited to one bank or company and can truly work for you instead of for the lender.
A Middleman Between Borrower and Lender
Think of a mortgage broker as a middleman between you as the borrower and a lender. Depending on your financial situation and your credit history, an independent mortgage broker will help you find the right loan for your specific needs.
Because the mortgage industry is complicated and is constantly changing, a good broker can help you understand the process and can work as a consultant in order to get the best rate and terms possible for your profile.
More Invested in Making Your Financing Work
Unlike the loan officer at your local bank, a mortgage broker maintains a working relationship with many different types of lenders, both large institutions and smaller lenders that may focus on types of borrowers. A borrower who chooses to work with a broker will typically get more personalized attention than working with a bank. Because a broker works for the borrower and not the institution, the broker will be more invested in making your mortgage financing work.
A Large Network of Lenders
A mortgage broker does the work of shopping around for your mortgage loan to find the best rates, terms and approval parameters. Part of their job is to do a pre-qualification so you know what loan amount you can qualify for. Mortgage brokers maintain a large network of wholesale lenders and know what each of them looks for and understand their lending criteria. This offers a borrower access to a variety of different lenders without the need to go shopping from one to another, filling out applications and paying fees at each.
The Best Fit for You
Because the broker has taken time to understand your finances, he or she will direct you to the best fit. In some cases, there may be a few options, offering you the flexibility of choosing the lender with the best rate, terms and closing fees. In the case where a borrower isn’t approved by one lender, the broker can easily pivot and place the application with another lender.
Call a Professional
If you are looking for professional mortgage advice, call the licensed California mortgage brokers at Granite West Funding. We would be happy to discuss your mortgage needs and help direct you to the right mortgage product that would fit them. Call us today at 559-540-2275 to speak to one of our mortgage experts.
