The best mortgage agent is one who has connections and understanding with many different lenders in the mortgage market. An Independent mortgage broker acts as a third-party between you and the various lenders. Rather than you need to visit multiple lenders and shop for the best terms and deals for your mortgage loan, they do all that for you. Independent mortgage brokers work to provide you with the very best mortgage deals from a variety of lenders while saving you time and effort. There are advantages and disadvantages to each type of broker, however, and understanding which one is best for you will depend on your specific needs.
If you are shopping for a loan from a large lender or investment firm, chances are good that an independent mortgage broker won’t help you out too much. These types of lenders don’t tend to deal directly with individual homeowners. They generally work with large wholesale lenders or investment firms instead. Therefore, an independent broker will typically turn times around quickly and make a deal on your behalf to get you the lowest rates possible without your input.
While they usually work with large wholesale lenders, independent mortgage brokers also have their own loan departments where they work with clients to find the best loan terms and deals. This department may even include loan officers that work directly with individual clients to make a loan decision. Loan officers have different levels of experience and skills when it comes to working with individual clients. For this reason, it’s important to find an independent mortgage broker who can provide you with the type of service you need.
If you want to work with a lender directly, there are several things you can do. One is to talk with a loan originator who works with a wholesale channel. If you don’t already know someone who works with a wholesale lender, you can go online and research the different lenders yourself. Make sure to research their customer service history as well as the costs of working with them. Most of the time, if you go through a loan originator, you’ll pay a fee for their services. However, many companies offer free quotes for their services, which is where you can go online and get multiple quotes from different companies without having to pay a fee.
When you work with an independent mortgage broker, you’re going to be able to shop around and compare different loan options, interest rates, and other factors. Working directly with a broker means that you won’t have to worry about getting paid by some big wholesale lender or by some small regional lender. With the online quotes you’ll be able to see all of the options available to you, and you can compare each one. In this way, working with an independent broker can be beneficial in more ways than one.
Working directly with independent mortgage brokers often works out well for individuals who don’t have a lot of experience with loans and lending. These independent mortgage brokers will often have their own referral partners, or they may work with a group of lenders. However, even though you might work with a larger group of lenders, you don’t have to work with any one lender. The fees that independent mortgage brokers generally charge is generally very low compared to the fee that large loan officers charge. Therefore, you can save a lot of money if you use a broker instead of a loan officer. The best part is that you can be sure that you’re making good choices when you work directly with these lenders, instead of going through a loan officer.