Using a Mortgage Broker
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Should I use a mortgage broker for my loan?
You might be confused about whether or not you should use a mortgage broker to help you when looking at home loans and mortgage rates. Mortgage brokers aren't required when you get your loan, but they can help you in a number of ways.
- Wholesale lenders: Mortgage brokers work with wholesale lenders, which means that they work with a firm that can find a large number of loans, creating a pool that they can sell to a larger mortgage institute. This gives them the power to negotiate very powerful mortgage rates.
- Special programs: Mortgage brokers are not a one-size-fits-all operation. They deal day in and day out with mortgage loans and mortgage rates. They can find specialized lending programs for groups of people with a similar situation to yours, which gives you some additional power in numbers and allows you to enjoy a special rate.
- You are not a number: When getting mortgage rates through a mortgage broker, you are not a number. You're an individual, and that individuality may help you score a certain rate. Banks do not work that way. With a bank, you're simply a number.
It's important to consider working in a comparison of bank rates and mortgage broker rates when searching for a mortgage.