What You Need to Know About Working With A Mortgage Broker
You can get your own mortgage, but the process is sometimes made easier by working with a mortgage broker. This is the person who acts as a middleman between you and the lenders you’re looking to work with. Their job is to find you the best deal out there, so you can buy the home of your dreams using a mortgage you’re comfortable with. This is the person who makes the process easier on you by saving you time and money. Here’s what you need to know about working with a mortgage broker AL.
They Do It All
Your mortgage broker does all the hard work for you. From handling your income and employment verification to pulling your credit report, your mortgage broker spends his time handling the time-consuming small details. Once he has all this information, he uses it to apply for mortgages for you. His job is to find you the best rates, the best terms, and the lowest fees. Once a loan is secured, your broker spends time handling the underwriting process, so you’re not bothered with the minute details.
The Benefits of Using a Mortgage Broker
The biggest benefit of using a mortgage broker to help you with your loan needs is the time you save. The paperwork, homework, and research it requires to find the right loan can take hours of your time. You could spend weeks gathering documents and shopping for the right lender. Your broker can find that for you in half the time. Additionally, your broker can find you a lot of savings. He can search for loans that have lower fees, a better rate, and better terms. You might not know where to look to find those things, but your broker works with dozens of lenders regularly. He knows right where to go to find you the best loan.
You Pay the Broker
Paying the mortgage broker is your responsibility, and it happens at closing. Your broker charges you a small percentage of the total amount of your loan. For example, he might charge you one percent of the total loan amount. That’s the amount you present when you close on your home. It’s often called a loan origination fee by many, but you can find a mortgage broker who doesn’t charge you. If you’re looking for a loan that doesn’t come with any out-of-pocket expenses, you might find a broker who is paid by the lender at closing.
A mortgage broker is someone who works for you and with you. Imagine not being interrupted at work three times a week by your lender asking for yet another piece of paper you have to track down. Your broker handles all of this so you go about your life without the additional stress and time. If you’re unsure a broker is the right choice for you, speak with one about your options. Meeting with a broker might change your mind about how streamlined and simple the process is.