10 Reasons to Get Your Mortgage From a Mortgage Broker

1. Rate advantage: Surprise! Working directly with a bank or credit union doesn’t guarantee you better rates. In fact, since brokers have relationships with a multitude of lenders, a mortgage broker should always be competitive if not better.

2. More likely to get approved: If your credit rating, income, assets and property are all in great shape, then it may never be a problem. However, most transactions have some peculiarity that requires additional effort and scrutiny. By working with a mortgage broker, which has more sources of financing than a bank or credit union, you have a greater chance that your loan gets approved.

3. Save time and money: Let the mortgage broker do your shopping. Mortgage brokers generally are approved with several lenders and have the ability to compare different loan programs, rates and fees. They also have access to market changes to determine when you should lock or float your interest rate.

4. We handle the loan from start to finish: Stay away from a bank with central processing. Having the same people involved throughout the entire transaction increases the likelihood that nothing gets overlooked or side stepped. Also, why not demand to have the same person that took your application be the one to keep you apprised of its status? Reducing stress is one of many goals for the mortgage broker and working with the same person throughout the entire process will help reduce your stress.

5. Mortgage brokers are licensed: Why not deal with a licensed versus registered mortgage loan originator. In Washington State, loan originators working for mortgage brokers are licensed. Conversely, a loan originator working for a bank or credit union is not licensed. A licensed mortgage loan originator has higher levels of education and background checks than do registered loan originators. Work with the most educated loan originators. Work with loan originators employed by a mortgage broker.

6. Specialists: Why not deal with a person and entity that specializes in mortgage loans and does them exceptionally well? The mortgage process is a complex one. Rarely is there a day without a new regulation, change in underwriting guidelines or political or economic event that affects a loan. Get all the knowledge, experience and dedication you can to get the loan you want and closed on time.

7. Mortgage brokers only get paid when the loan closes: This isn’t horse shoes. Either the loan closes or it doesn’t. Do what’s right for the customer. If it’s not time for the borrower to purchase or refinance, most mortgage brokers won’t do the hard sell because they know that it’s bad business practice to put your clients in the wrong situation. Good mortgage brokers know that if a client doesn’t buy today they most likely will later, and meanwhile they’ll praise your values to others they know looking for a loan.

8. Mortgage brokers cannot get paid more for one type of loan than another, nor compensated for work not performed: Remove the ability to be sold something you don’t want or need, or to be influenced by someone else’s needs or wants. With a mortgage broker it’s yours and only your loan.

9. Face-to-face meetings: Get to know the loan originator that will handle your transaction. Invest time to meet with him or her personally. This also permits the loan originator to know you better and find out what are your real concerns. An experienced loan originator can help you differentiate between different loan programs, interest rates and costs. Don’t cut yourself short. Tap their knowledge base.

10. Code of Ethics: Mortgage brokers and their licensed loan originators subscribe to a code of ethics regarding how they conduct business. Ask for referrals. Again, it’s your loan