When it comes to financial matters, your mortgage broker should be your first call.
You can solicit price quotes from different lenders by yourself, but the problem arises in dealing with lenders. The “price” of a home loan has three major components: the interest rate; points, which are an upfront charge expressed as a percent of the loan; and lender fees which are dollar charges for each of a number of lender services, such as processing, document preparation, inspection, and so on. Lender fees specified in dollars do not usually appear in media ads that show mortgage prices, and are seldom volunteered to shoppers. So borrowers need to be alert.
This is not a problem if you are dealing with a mortgage broker. Brokers know the fees of each lender they deal with, and will not tolerate lenders taking advantage of their clients
Our mortgage broker works on your behalf with several banks to find the best mortgage lenders who offer the most competitive terms and lowest rates that best fit your needs. He has relationships with several local, regional and even national lenders, and he can tap those connections to get some loan fees waived for you. Our mortgage broker will give you accessibility and one-on-one attention you likely won’t find when working directly with a loan officer at a large bank.
You’ll also save time, it can take hours to apply for different loans, and then there’s the back-and-forth communication involved in underwriting the loan and ensuring the transaction stays on track.