A Mortgage Broker or Lender?

Should you choose a mortgage broker or lender? I’ve learned it the long and hard way. Now I’ll show you how to find a mortgage professional you can trust and work with effectively.

Difference Between Mortgage Broker and Lender

Mortgage brokers are independent financial experts who specialize in residential and commercial loan origination. They forward the fund servicing of the loans to wholesale lenders, and can work with many lenders at one time.

With the combination of professional expertise and direct access to hundreds of loan products from lenders and wholesale lending sources, a mortgage broker is able to provide the most efficient way to obtain competitive pricing for a customer’s specific financial circumstances.

You can work directly with a mortgage broker or lender. Direct lenders are lending their own funds, and thus make the final decision on your application. Mortgage brokers perform the intermediary function and represent many lenders and loan programs from which to choose.

How A Mortgage Broker Can Save You Money

When I purchased my first home with a direct lender, I felt content closing the loan because I thought I got the best deal from among the lender’s limited in-house programs. Although they did a good job, I was confined to the unfamiliar borrowing world that even I could have made a deal with the best lender, it was not the best loan for me.

This is where mortgage brokers can really help. If they charge a little bit more, big question is, how the heck can I say you can save with a mortgage broker?

What I realized is, the better loan program that a mortgage broker offers can save you thousands of dollars compared with what a direct lender proposes, even with the addition of a small broker fee. My personal take is I’d rather pay the broker’s commission if the end result would still give me more money in my pocket.

As simple as that.

How Do Mortgage Brokers Do It?

Mortgage brokers can arrange financing that wouldn't otherwise be available to you from other lenders. Wholesale lenders work only with mortgage brokers. This gives brokers the edge for access to more loan programs, usually covering the best rates and terms available.

Mortgage broker or lender? A huge benefit in using a broker is that he can quickly move you from one lender to another if you have some difficulty qualifying. Cases like poor credit, income documentation problems, special needs, no downpayment preferences, investment homes, overseas buyers, and so on. The lenders in these niches are easily identified by the mortgage broker.

Hey, you also save time!

If you still prefer to shop a loan on your own, be careful of the booby traps awaiting you as the unsuspecting borrower – changing loan prices everyday or low price quote tricks just to get your business. Umm, did I mention the paperwork involved?

What I Recommend?

Heck, call me biased, but I believe in the National Lending Corporation (NLC). It took me years to find a far better positioned mortgage broker that selects the best deal available from competing lenders.

Aahhh, how my wife sighed in relief. Now she doesn’t have to shop for a lending source, the total cost of the loan, interest rate, fees, points, prepayment penalties, the loan term, and a host of other items.

NLC is a premier national brokerage with thousands of originators, hundreds of offices and lenders. Experienced well-trained professionals throughout the country offer clients peace of mind. With its large network, the volume of sales allow competitive rates and loan products customized for each client’s unique needs. National Lending Corporation has strategic alliances with many lenders and products, and do the loan without multiple credit pulls safeguarding one’s privacy and security.

The loan officers at NLC value repeat business and referrals. They do an outstanding job to take care of your loan research, comparative rate shopping and tedious paperwork, and escort you through the entire loan process.

Just like www.Arizona4Pinoys.com, there’s nothing more fulfilling to NLC than getting a smile from the face of a happy and loyal customer.

Whether you choose a mortgage broker or lender, it all ends up with choosing the right loan officer that you can truly trust.

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