Many years ago when we were buying our first house, someone suggested using a mortgage broker.. not wanting to appear dumb.. I responded back “we’ve got it covered”. Truthfully.. back then I had no idea what a mortgage broker was. I assumed it was another one of those “costs” that you were not told about until after the fact, and really.. did we need one? Below is an article from one of our local mortgage brokers that explains just what mortgage brokers can do for you. We did end up using a mortgage broker and pretty glad we did! Enjoy the article!
What Can a Mortgage Broker Do For Me?
Here is some information that may help you understand a little more of how mortgage brokers can help:
When you use a mortgage broker to find you the very best mortgage, and negotiate on your behalf, there is no cost to you. The lender pays the broker a fee for finding and bringing them the business. Remember, it saves them from the cost of additional employees in wages, vacations, training cost, office space and benefits. There is no cost to you, and they only earn a fee if they arrange the mortgage for you. The Fee is the same, regardless of which lender is chosen, and it is not built into the rate. The rate is typically lower than if you went directly to the lender, and the process is a thousand times simpler.