Top 5 Reasons To Use A Texas Mortgage Broker Right Now
Those seeking to purchase or refinance a home understand that there are seemingly countless lenders available on the market from which to choose. Selecting the best from a very crowded field can make all the difference in terms of the interest rate and loan specifics that will ultimately apply. This is especially true amid the pandemic when information and policies seem to be changing all the time.
Mortgage brokers are highly-skilled professionals who can assist borrowers in navigating the market’s intricacies, with the overall goal of steering them toward the home loan that truly meets their needs and provides real financial value. Continue reading to learn more about the duties of a mortgage broker and why they are an indispensable part of the home buying or refinancing process.
What Mortgage Brokers Do
Mortgage brokers effectively serve as a middleman, standing between borrowers and lenders throughout their home buying or refinancing journey. If you are looking to borrow, a broker will represent you in the search for lenders willing to provide you with the most competitive interest rate and loan terms. They also serve as facilitators for the entire mortgage process, from initial application to closing.
Key Mortgage Broker Tasks
Because a mortgage broker understands the ins and outs of the loan process, they can provide the guidance borrowers need at every step along the way. Skilled brokers take the time to understand your objectives and your specific financial circumstances. They will explain the various loan programs for which you may be eligible and outline the cost involved with them. Brokers also handle the application process and see you through every phase until your deal actually closes.
Cost Of Mortgage Broker Services
The services of a mortgage broker are ultimately covered by lenders, rather than the home loan borrower. Brokers will receive commissions for suggesting a particular loan product when it is selected and received by an applicant. As such, borrowers don’t usually pay anything for the broker’s services.
It should be noted, though, that there are certain situations in which a broker fee will be charged to the purchaser. This amount may be in place of, or even in addition to, commissions paid by the lender.
Key Reasons To Employ Mortgage Brokers
1. Familiarity With Changing Lender Requirements
The coronavirus pandemic has caused numerous home lenders to change policies with alarming frequency. A number of lenders have altered eligibility requirements, documentation rules, and more. Submitting an application directly to a lender while unaware of recent changes can cause the approval process to be delayed or scuttled altogether. Brokers, however, remain fully apprised of any and all such changes, making it easy for them to adjust your applications on the fly, something that can increase your chances of success.
Feel free to contact or call us to speak with our mortgage professional for any help you need with your home loan application. We hope to work with you soon! Click here to go to the next article in this series.