A professional mortgage broker originates, negotiates, and processes residential and commercial mortgage loans on behalf of the client. Below is a six point guide to the services you should be offered and the expectations you should have of a qualified mortgage broker:
1.
Offers Access to Hundreds of Loan Products
A mortgage broker offers a wide range of mortgage loans from a number of different lenders. The greater the broker’s experience and network, the better your opportunity to obtain the loan product and the interest rate that best suits your needs.
2.
Finds the Most Advantageous Deal
A mortgage broker represents your interests rather than the interests of a lending institution. They should act not only as your agent, but as a knowledgeable consultant and problem solver. With access to a wide range of mortgage products, a broker is able to offer you the greatest value in terms of interest rate, repayment amounts, and loan products. Mortgage brokers will interview you to identify your needs and your short and long term goals. Many situations demand more than the simple use of a 30 year, 15 year, or adjustable rate mortgage (ARM), so innovative mortgage strategies and sophisticated solutions are the advantage of working with an experienced mortgage broker.
3.
Has Flexibility & Expertise to Meet Your Needs
A mortgage broker navigates the client through any situation, handling the process and smoothing any bumps in the road along the way. For example, if borrowers have credit issues, the broker will know which lenders offer the best products to meet their needs. Borrowers who find they need larger loans than their bank will approve also benefit from a broker’s knowledge and ability to successfully obtain financing.
4.
Saves You Time
With a mortgage broker, you only need one application, rather than completing forms for each individual lender. Your mortgage broker can provide a formal comparison of any loans recommended, guiding you to the information that accurately portrays cost differences, with current rates, points, and closing costs for each loan reflected.
5.
Saves You Money with No Hidden Costs
A mortgage broker is offered loans on a wholesale basis from lenders, and therefore can offer the best rates available in the market, typically making the total loan cost lower for the client. A reputable mortgage broker will disclose how they are paid for their services, as well as detail the total costs for the loan.
6.
Delivers Personalized Service
Personalized service is the differentiating factor when selecting a mortgage broker. You should expect your mortgage broker to help smooth the way, be available to you, and advise you throughout the closing process. Check the qualifications and experience of the mortgage broker, ask for references, and rely on referrals from your attorney, accountant, real estate agent, or financial planner.
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“My husband and I recently used Nancy for the purchase of our first home. We worked with her for months getting our credit history in order, and she was always available for the hundreds of questions we had. She really cared about our finances and steered us in the best direction. I don't know how we would've gotten through the whole experience without Nancy. We are very picky people who are not easily impressed, but if you want to feel comfortable with a mortgage broker who knows what they are doing then Nancy is for you.”
Seth and Victoria Rosen Homeowners
“We would like to acknowledge the exceptional service that we received during the entire refinancing process. Nicholas Racanelli's professionalism and knowledge of the industry was impressive and truly appreciated. In the past, we have had experience with several others banks and have found the process frustrating and tedious. Nicholas went above and beyond to ensure that all of our needs were met and that everything was handled thoroughly and efficiently. We have and will continue to recommend him in the future.”
Rich & Sharon D'Andrea Homeowners
“Nancy Hall is an exceptional mortgage broker. She kept us advised every step of the mortgage process, explaining the reason for every obscure document requested from us. Her manner was always friendly, and she was always available to answer every question we had. Previously, we had gone directly to banks for our mortgages. We don't believe that we will ever do that again as long as Nancy is around to assist in the process. We will strongly recommend Nancy to our friends in the future, and we will be certain to use her the next time we require new financing. She is remarkable and a five-star broker, and any organization should be proud to have her working for them. ”
Will Bratton and Sharyn Felder Homeowners
“As a CPA, I've referred clients to Nancy Hall for many years with great results. I recently had the opportunity to use her for my own transaction, and now I know why my clients have always been thrilled! She's thorough, timely, personable and most importantly knowledgeable. I'll certainly be referring her for a long time to come.”
Glen A. Ross CPA, CVA Ross & Company CPA, PLLC
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