First off I will be fair. So you've probably heard or seen both sides of the coin already. But AZmortgageMan is on a mission. Here are five reasons where I can explain the unique superpowers of mortgage brokers, along with a word on how to prevent a broker from stretching your refinancing budget past the breaking point.
1. One broker, many different lenders. Mortgage brokers can put together a variety of loan packages because they have access to a wide range of lenders, who operate on a wholesale basis, relying on the brokers to find customers. A myriad of lenders operate on this basis, and brokers can choose whichever program fits your needs.
2. Superior access. A wholesale lender works only through brokers like Express Capital Mortgage Inc. As a result, consumers don't have access to their special programs or rates. Granted that in this day and time, our playing field is much more level with programs but individual lenders have individual "overlays" to their guidelines which can make your situation limiting. You need to work with a broker if you want access to wholesaler's unique loans.
3. Stretching that loan package. A broker doesn't have the constraints that you might find at a bank or credit union in terms of structuring a loan. They can stretch or limit their fees and the terms on the loan. More flexibility on the part of the originator means a more flexible loan for you.
4. The ability to be disloyal. A Express Capital Mortgage Inc. doesn't need to be loyal to a vendor. If you're unhappy with a particular lender or don't like the package it puts together, the broker has the freedom to look elsewhere. Wholesale lenders understand this, and they do what they can to keep the mortgage broker happy.
5. Third party flexibility. The same flexibility brokers have with loans also applies to third-party vendors, like title companies, credit repair, etc. Brokers can shop around until they find the best prices with the best quality work-and they can move very quickly.
For all their flexibility, mortgage brokers have just got another notch on the good side here in Arizona. Because it's no longer relatively easy to become a mortgage broker or originator because of new requirements. A bank representitive many don't have extensive training or knowledge in the industry since they are not required to carry a license.
If the broker proves to be established and reputable, let her put her fantastic powers to work. The result should be a refinance or purchase that makes a mortgage broker look like a real superhero.
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