If you’re thinking about buying a home or refinancing your current one, one of the most important priorities is finding the best interest rate. Usually, it helps to have a high credit score as that would qualify as low risk borrower and you get lower interest rates. Whatever your circumstances, it’s always a good idea to work with a mortgage broker in your local area rather than a bank of direct lender. There are 4 ways that a local area mortgage broker can save you time and money when shopping for the best interest rates:
How To Discover The Best Interest Rates With The Help of a Mortgage Broker
- They can do the shopping for you – the primary difference between a bank or direct lender and a mortgage broker is that a mortgage broker deals or partners with a large network of lenders whereas a lender is only a single entity. Plus, a mortgage broker can search that network so you don’t have to call each individual lender. Furthermore, the right mortgage broker has built strong relationships with numerous lenders and in so doing, can access special discounts on interest rates as well.
- They can offer a broad range of mortgage products – another reason that mortgage brokers can find the best interest rates is because they shop for the most competitive home loan rates on a daily basis. For example, if you’re buying your first home but don’t have a high credit score, a mortgage broker can find more affordable rates with an FHA, USDA, or VA loan rather than a conventional loan. Conversely, lenders are limited with the number of mortgage products they can offer.
- They can offer personalized advice and suggestions – when applying for a home loan, you might assume that nothing can be done with respect to your credit score, DTI, or income. However, your circumstances may be more dynamic than you think. If you’re still weeks or months away from buying a home, you might be able to make some beneficial changes, such as improving your credit score.
- They can take the time needed to understand your circumstances – every borrower is different and has their own unique set of circumstances that include advantages and disadvantages. For instance, there could be issues with your ability to afford a larger down payment or your credit score. However, this might cause you to overlook what your other strengths. Direct lenders might overlook these strengths as well whereas mortgage brokers will dig through that profile and uncover other strengths.
Get In Touch With Your Trusted Mortgage Specialist
For more information about finding the best interest rates for a home loan, call Florida State Mortgage Group, Inc. today at (954) 359-3000.