Shopping for a mortgage can be overwhelming if you don’t have the right help. Retail lenders have limited programs often at higher costs than a Jacksonville mortgage broker. But how does a broker work and what are the benefits?
Find out in our guide below.
What is a Mortgage Broker?
A mortgage broker is a third party acting as the middleman between you and the lender. Mortgage brokers go to bat for you, getting you the best rate and terms on your loan. They work with hundreds of lenders, giving you more options than you’d have if you shopped retail lenders yourself.
How Does a Mortgage Broker Work?
When you work with a mortgage broker, you complete one application, and the broker does the rest. The broker shops around for the best deal for you, given your qualifications and circumstances.
The broker communicates with the lender on your behalf. You deal only with your loan officer and not directly with the lender. This gives you more flexibility and more one-on-one attention to determine which loan product is best for you.
The mortgage broker also works with all parties involved in the transaction to ensure the loan closes on time. This includes:
- The underwriter
- Closing department
- Title company
The 5 Benefits of Working with a Jacksonville Mortgage Broker
Borrowers realize many benefits when working with a Jacksonville mortgage broker including:
- Access to Many More Loan Products
If you have less-than-perfect credit or a unique situation, finding a retail lender yourself can be time-consuming and sometimes impossible. Working with a broker, you have access to many more lenders and loan programs than you would if you applied at the ‘big name’ banks and lenders in your area.
- You’ll Save Time
Applying for multiple mortgages takes time and energy. You have to know where to apply and then complete the same application multiple times, providing your qualifying documentation too. With a broker, you complete one application and provide your documentation one time.
- Saves YOU Money
Mortgage brokers earn commission from the lender that closes your loan. You don’t pay the broker out of your pocket. Brokers typically have access to lower wholesale rates versus the retail rates you’d get direct from lenders too.
- Mortgage Brokers Act on Your Behalf
Mortgage brokers have your back. They don’t try to sell you a product that you don’t fit in because it’s all their institution offers. Instead, brokers look for loans that are the best fit for you including the right term, lowest interest rate, and has the most long-term benefits.
- Mortgage Brokers Help You with Obstacles
If there’s a roadblock during underwriting, your mortgage broker helps you figure out the situation. For example, if there’s something negative on your credit report that needs clearing up, the broker will walk you through the steps, helping you clear up the issue and provide the underwriter with proof it was cleared.
If you’re ready to learn your options for a mortgage, contact us today! Our helpful mortgage loan originators will walk you through the process, show you the available options, and help you compare the various loan terms and rates. We are YOUR Jacksonville mortgage broker, ready to help you with all your mortgage needs!