Advantage of using a mortgage broker

Shopping for a loan is not unlike the experience shopping for other everyday products. You're looking for a great price at a certain level of service. By shopping around, you eventually find the right business for your needs. In securing a loan, be sure you understand the mortgage broker vs. bank differences.

Mortgage Broker
Brokers account for a higher percentage of loans in the United States. This is because they have the flexibility to shop around for you. It's a lot like hiring someone as your personal shopper and trusting they will come back with the best product for your situation. While banks are beholden to the products and fees that the institution provides, mortgage brokers's can scour the market nationwide in search of the best program. This usually means great savings to you in the form of a lower interest rate.

Obviously, there is a fee for using a broker and it's important to understand what they are charging you. It's wise to check with more than one broker to make sure you are getting a fair shake.

Banks
A bank typically has little flexibility outside of the prodcts they offer. People that get a loan from a bank tend to not care about getting the best deal and are more concerned with working with someone they know. It's very hard for a bank to get a better rate than a broker which can mean higher monthly payments for you.

So which is the right choice?
Obviously, we believe using a broker is the way to go. We are able to search far and wide and have relationships with over 130 lenders. We usually can come up with the best rate that's on the market because of all our relationships. If you are are unsure of working with us, we are happy to talk to you about your concerns. We want our borrowers to feel confident and willing to tell others about our service.