1. No need to commit to hours and hours of online searching for products and rates. Shopping for a mortgage could result in multiple credit checks by multiple banks which could decrease their credit score. A broker will simplify this process, find the best rate, and minimize the amount of times your credit report is accessed.
2. Experienced licensed Loan Officers and Brokers already have the relationships established with mortgage lenders and will help their clients avoid any income or credit pitfalls.
3. The best mortgage professionals offer mortgage programs from lenders with lower wholesale rates compared to the limited higher priced products that the banks offer.
4. Loan rules and lending guidelines change frequently so borrowers need plenty of guidance. No need to fumble and stumble in the dark!
5. Mortgage brokers and loan officers have a monetary incentive to provide their clients with the loan option best suited for their particular needs, not the bank’s cookie cutter product. An overworked bank employee has little or no incentive to offer advice on specific programs and often leaves the customer guessing which way to proceed!
6. Loan officers are licensed professionals who are required to completed continuing education every year to maintain their license to originate loans, unlike a bank employee. Loan officers understand the importance of offering their borrowers, the best loan to meet their needs, not what the banks want.