Is it better to go through a mortgage broker or direct to a bank?
A mortgage broker is an intermediary between you and the lender. Their job is to find you the best deal. They have a selection of hundreds of different lenders.
A bank can only show you what they have to offer. A mortgage broker can show you what that bank has to offer, as well as all of the other options available to you and your needs. Their knowledge of your specific situation and goals combined with their abundance of resources enables them to find the perfect deal for you.
A mortgage broker’s pre-approval letter can mean the difference between having your offer accepted or losing out to another potential buyer. This is because listing agents are familiar with a bank’s bureaucracy, which causes them to be slower. But, more importantly, the listing agent must protect their client in the event that the loan is not funded by the bank and the seller is forced to relist the property. It would lengthen the property’s days on market, which frequently results in a decrease in the final selling price.
Before going under contract or entering escrow, many listing agents require the prospective buyer to be cross-qualified. A mortgage broker can help you navigate this vetting process with confidence and answer any questions the cross-qualifying lender may have.
To get answers to other frequently asked questions visit our FAQ section: https://mortgagebrokersantamonica.com/#faqs
If you are looking for houses for sale in Beverly Hills or homes for sale in the other Westside, Los Angeles communities visit us at BuyDeluxeHome.com. For mortgage and financing information visit Mortgage Broker Santa Monica or Mortgage Broker Beverly Hills.
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Thank you, John!