Should You Go Through A Mortgage Broker?

by Ann Hayward 06/30/2019

When you begin shopping around for an ideal lender to finance your dream of home ownership, you will come across mortgage brokers. Much like their counterparts in the insurance industry or stock market, they act as a link between buyer and seller. 

However, why go through them if you can make the purchase directly? Why should you pay anyone a commission to do something you can do yourself? Moreover, then, isn’t there the possibility that they will recommend a lender because of the commission they get from them, even if they don’t offer the best interest rates? It’s certainly possible, but consider the following first before you decide to go it alone.

Hassle-free application

If you have ever gone through the mortgage application process from a traditional lender, you don’t need anyone to remind you how tedious it was. Filling form after form and searching for document after document. A broker can help reduce the time you spend on this process by telling you what is required beforehand and giving guidance.

Industry knowledge

Mortgage brokers ordinarily have years of experience in both the real estate and financial services industries. They will know much more about what’s trending in the area of property purchase and selling than you do as that is their bread and butter. 

A fast-talking loan officer from a lender can convince you to take on a product that is a less than optimal choice for your situation. Remember, they are salespeople too. However, in the ideal scenario, a broker will look at the property you want to purchase, look at your financial status and personal data and find you a package that best caters to all these factors. They have access to lenders across the country so they can quickly get you a mortgage product that has lower interest rates and fees while taking into consideration things like your credit rating and level of income.

Customer service

After you close the deal, you may struggle to get an audience with that loan officer if you were dealing with a big bank. The beauty with brokers is that they’re usually small companies, and this allows them to have closer contact with their customers. On the other hand, since they work closely with lenders, they know precisely who in the bank to contact when you need any assistance.

Take time to find out what terms lenders offer directly from them before settling on any mortgage broker.

Mortgage Rates
Homebuyers
Finance
About the Author
Author

Ann Hayward

Born in Philadelphia and raised in the suburbs, Ann Hayward got her Pennsylvania real estate license at age 18 even before going to college. This second-generation real estate professional followed in the footsteps of her father and two uncles, inheriting their passion for the business. Licensed in DC, Maryland and Virginia, Ann is accomplished in her career, with numerous designations including SFR, SRES, PSA, WHC, and multiunit Housing Development Finance Professional (HDFP) from the National Development Council. She specializes in Prince Georges and Montgomery Counties, Northern Virginia and Washington, DC, all jurisdictions where Ann has lived and knows very well. In addition to her professional expertise, she owns and manages personal investment property, understands and has been involved in the renovation/remodeling process, and has great resources which she shares with clients. When you hire Ann to represent you, she will make your buying or selling experience an enjoyable, rewarding one. Her compassion, sensitivity to her clients’ needs, eye for detail, and ability to see the big picture when guiding you through a purchase or sale are unique assets that will ensure your success. A diverse and relevant background also gives Ann a distinct edge. For 30 years, she worked in fast-paced, high-pressure television and theatrical production, attaining the highest achievement – DGA membership as a Director, and as an award-winning staff and freelance writer. Her keen audio visual skills and design sense benefit sellers in marketing their properties, and are invaluable in helping buyers see the potential of space. A true renaissance woman, Ann was also an income tax professional and office manager for H&R Block, so she thoroughly understands the tax and financial implications of acquiring and selling real estate. Her superior organizational skills are further evidenced as owner of a downsizing/professional organizing business, Managed For You, which allows her to connect with everyone from millennials to boomers and seniors, whether for small space planning or assisting with major decluttering and transitioning. Ann holds an AB in American History from Simmons College, Boston, plus attended Robert Wagner Graduate School of Public Administration where she was a candidate for Doctorate. She additionally studied Film Direction at the American Film Institute in LA, and was a Stanford University post-graduate Professional Journalism Fellow. Personally, Ann is an avid if not very good golfer, and the co-founder of a nonprofit 501c3 organization offering educational guidance, tutoring and counseling for youngsters from elementary school through college admission. She sits on the board of trustees of a nonprofit educational film production corporation as well. (202) 494-6252 [email protected]