If you’ve ever shopped and gone through the mortgage approval process, you know how time-consuming and stressful it can be, particularly if you are a first-time borrower. Having the skill of a mortgage broker on your side can reduce those stresses, help you find the best mortgage products for your financial situation and can often save you money at the closing table.
Mortgage Broker Vs. Mortgage Banker
Mortgage brokers are professionals who have access to many different mortgage products and financial institutions and investors unlike a mortgage banker who only can offer mortgages available through his or her own institution. Working with a mortgage broker can also give a borrower access to lenders that brokers only have access to, known as “wholesale lenders”.
The Priority is the Borrower
Because a mortgage broker doesn’t work for a particular institution, the priority is the borrower. A mortgage broker will often take more time and energy to make a mortgage approval happen because he or she does not get paid until a loan closes. A mortgage banker typically is a bank employee who gets a salary whether your loan is approved or not.
Finding the Best Mortgage Product
Mortgage brokers will have access to many different lenders and can quickly focus on the best lender for a borrower’s scenario. Consequently, a mortgage broker won’t waste valuable time seeking approval with a lender that is all wrong for the borrower. In most cases, a mortgage broker’s compensation comes from the lender at closing, not from the borrower.
A Mortgage Broker is a Skilled Advisor
A mortgage broker essentially acts as an advisor between a borrower and a lender. A mortgage broker will have the availability of many different lenders for a borrower to choose from and will be able to steer them to the best product for their particular set of circumstances.
Mortgage brokers can help simplify the approval process since they work with these lenders often and will know what their requirements are. With more personalized service and the willingness to do much of the legwork for the borrower, working with a mortgage broker often means peace of mind for a borrower.
Working with a mortgage broker will offer options that a borrower won’t have by going to one institution. As the industry is always changing, a professional Florida mortgage broker will help a borrower understand the nuances of getting the best rates and terms. With experience, a mortgage broker will know which lender will be best for a borrower and which lenders to steer clear of.
Call a Professional
Today, many more borrowers are choosing to work with mortgage brokers for that in-person service and the important insight and advice when it comes to the mortgage industry. If you are looking for Florida mortgage financing for a new home purchase or refinance, call our certified professionals at Florida State Mortgage Group, Inc. today at (954) 359-3000 to see how we can help you. We serve Fort Lauderdale, Broward County, Miami, Palm Beach, Orlando and all throughout the entire state of Florida.