Do Not Buy a Home Without a Mortgage Broker

Having a qualified mortgage broker to help you acquire financing for your future home is the best way to go. A lot of people have the misconception that only individuals with bruised or bad credit seek the sets of a mortgage broker. If you have good credit and good income and feel that you don’t need the sets of a mortgage broker, you are missing out.

A good mortgage broker has access to many types of product on the market and could find you in most situations a better product, and more often than not, a better rate than you could on your own. You might be scratching your head and asking… how can that be?… especially when the mortgage broker needs to be paid for his time and sets?

Let me explain…

edges (Lending institutions) use a ton of money for customer acquisition. The traditional way for edges to acquire mortgage customers is use tons of money in advertising and then to hire complete-time mortgage officers to service their mortgage customers at the branch level. This is a huge cost to the edges and requires many complete-time employees and many locations (branches) to house them.

A mortgage broker will only be paid a finder’s fee by the edges if they bring qualified clients to them and only upon successful completion. The brokers are not on the edges payroll, don’t require office space from the Bank and they do their own advertising.

The bottom line is… the edges can save a lot of money and often prefer to work with a broker because they are commissioned based and the edges pay only upon successful completed clients. The edges quite often will offer their preferred rates or best discounted rate to a broker and compete with each other (ither edges) in order to establish loyalty and repeat business the brokers. You will truly assistance by getting a better product and better rates by working with a qualified Mortgage Broker.

The discounted rates I mentioned earlier are not generally disclosed to the public. What you see and get if you fail to negotiate are the edges Posted Rate. The broker however sees the edges Posted Rates in addition as their Discounted Rates. The Broker has a huge advantage over you.

As far as the broker is concerned, he gets paid the same commission whether you get the Posted Rate or The best Discounted Rates. You can be sure that a good broker will try their best to get you the best product and rate in hopes of getting your repeat business and your referrals. Next time you are in the market for a home, find a competent, knowledgeable, ethical, specialized mortgage broker that you can trust. You can stand to assistance a great deal.

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