I'm working on a situation currently which made me think of one of the benefits that customers have working with mortgage broker rather than a direct lender/bank.
My customers signed the purchase contract, put down 5% (which is the max they can put down), sent me their income docs, and I ordered the appraisal. The appraisal just came back and, as luck would have it, value is less than the purchase price. The sellers won't budge and my customers want the home. It's a small loan but my customers would need to come up with an additional $7500 for the 95% LTV loan we were going with. They do not have it on top of having to pay closing costs. I need to now get them 100% financing. The bank that I had the original loan placed with will go to a maximum 95% LTV/CLTV.
As a broker with almost 150 different lenders at my disposal, I was able to place the loan with little effort and ease the minds of my customers. If I only had my original bank of choice at my disposal, I would have lost the deal and my customers would be scrambling to find financing.
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