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title_whotoknow

Mortgage brokers, not bankers, handle the majority of home financing these days. There are several reasons for this:

Wholesale lenders use mortgage brokers as their loan officers, and offer them lower rates than consumers can obtain at retail.

  1. Brokers offer more choice
  2. About banks
  3. About the best mortgage brokers
  4. Finding the best


The broker adds on his or her compensation, and the rate is usually about the same, as you would get using a mortgage banker. Sometimes the rate is lower, sometimes higher, depending on how much compensation the broker adds on.

Brokers offer more choice

Mortgage brokers represent a number of lenders with different financing programs. This allows the broker to shop lending guidelines and financing terms that are best suited to your needs.

For example, if your cash contribution is going to represent 10% or your purchase price, your mortgage broker will source lenders who will provide the other 90%.

About banks

Banks, on the other hand, have more restricted guidelines that might preclude lending to anyone who can’t contribute a minimum of 20% cash towards purchase price.

Today’s unstable banking environment and constantly changing guidelines are another reason to have an experienced mortgage broker running interference for you.

About the best mortgage brokers
  • They thoroughly examine your finances before issuing a letter stating that you are pre-approved for financing.

    That way your formal application for financing is not unnecessarily delayed, and your purchase transaction is not jeopardize.
  • Personal service. They personally monitor your loan’s progress and “baby sit” it through final approval. By contrast, online “low rate” lenders are often unavailable for consultation once your loan application goes into the approval process.
Finding the best

If you’re working with a top local real estate agent, that agent is most likely working with a top mortgage broker – someone who has a proven track record of ethical service and reliability that keeps your purchase transaction moving ahead smoothly.

Tough Love also provides free referrals to top Fairfield county mortgage brokers as a service to our readers.
 
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