With many lending sources going out of business everyday now, utilize a Mortgage Broker. Ifone goes out of business, we have many other lending institutions to quickly work with. As a mortgage broker, we work for our clients. I am not saying bank loan officers do not, nevertheless, bank loan officers are employed by the financial institution. The benefit of using a Mortgage Broker is the fact that we have the ability to offer more mortgage products from a number of financial institutions & investors. Bank loan officers work for one bank, that means they can only offer their clients what their financial institution has to offer. Mortgage Brokers do not work for one specific lender, and you are assured impartial advice. A Bank Specialist has limited number of their own financial products, and while there may be better mortgage products out in the market place they will do their best to sell you their own mortgage product.
We use our knowledge of the mortgage market to negotiate mortgage rates with lenders to get the best possible mortgage rates for the client. When you go see a Bank loan officer, commonly the mortgage negotiating is left up to the client. For conventional mortgage financing, the services of the Mortgage Broker are generally provided at no cost to the client. Banks pay us for providing business.
Mortgage Brokers will exhaust every possible solution to approve their clients mortgage application to pre qualify them. Because we deal with so many different lenders, we have solutions for new foreign nationals, clients who are self employed, and clients with poor credit history. We also provide personal service, usually at times convenient for their clients - late evening & weekends -Mortgage Brokers are not restricted in seeing clients within certain business hours.
Simply stated, we are customer focused, as I rely on referrals from previous clients and agents to provide future business.