An Experienced Mortgage Broker Is Your Best Friend
A good mortgage broker will always get you what the banks cannot
A mortgage broker, as the name suggests, is an intermediary between consumers like you and the "lenders," that is, the wholesale loan companies.
Did you know that in the year 2005 at least 60% of all home mortgage loans in the United States were originated by mortgage brokers?
There are many reasons why more and more consumers hire the services of reputable wholesale mortgage brokers like the Mortgage Wizards Inc. of Los Angeles, California.
First of all, in this day and age of busy lifestyles and careers, most consumers do not even have the time to shop around for the best mortgages to fit their specific needs and qualifications.
Yes, the Internet helps a little but it again begs the same question – who has the time and expertise to visit and qualify thousands of mortgage lender sites on the infinite Web? It is virtually impossible.
A mortgage broker works anywhere between 20 to 40 wholesale loan lenders and deals with the interest rates and market conditions on a daily basis. That's what a mortgage broker does. It's his or her specialty. Therefore, it makes eminent sense to let a mortgage broker shop around on your behalf for the best possible mortgage package for your particular needs.
Consumers who think they can get a better loan by going to their local bank are sadly mistaken. This is because their local bank is a retail institution. Their interest rates generally much higher than those available to a wholesale mortgage broker, like Mortgage Wizards, Inc. Additionally, their loan programs are limited so you may not get the correct loan for your financial situation. And, if you have credit issues you may be entirely wasting your time.
Mortgage brokers have a lot more negotiation power vis-a-vis the wholesale lenders for a simple reason: they actually spend a lot of time performing the essential tasks that otherwise the lenders must do. Moreover, wholesale mortgage brokers have more than one lender at their disposal so they can shop your mortgage loan to many different lenders and get you the most competitive interest rate available in the marketplace.
Among the important services a mortgage broker provides both for the end consumers and the lending institutions are pre-qualifying the consumers after an initial consultation and gathering all of the documents necessary for the lender to make an educated decision.
When a mortgage broker helps a pre-qualified customer get a mortgage loan at the best competitive interest rate and term available, everybody wins. It's always a win-win-win situation.
The consumer wins because he gets a loan that he needs to own a property at the best possible terms.
The lender wins because a loan is issued to a reliable borrower with a manageable and calculated risk of loan default.
The mortgage broker also wins by getting paid a reasonable fee for all the vital services he or she provides for the whole market.
It is sometimes much harder to get equally attractive loan packages through regular banks and "prime lenders".
For one thing, banks are much larger institutions with a lot of overhead and that can translate to higher fees and commissions.
Banks are also famous for staying away from even the faintest possibility of loan default and risk taking.
Therefore, unless a consumer's credit score and history is excellent, the regular banks are reluctant to extend the loans that a mortgage broker can broker through his dozens of different sources.
Many mortgage brokers specialize in different specialized markets like "no money down loans" or "sub-500 credit score borrowers" that would otherwise not be served at all.
However, this does not mean that mortgage brokers are freelancers who can do whatever they want either. On the contrary.
Most states regulate mortgage brokers rigorously and issue licenses. Those mortgage brokers who are proven to mislead or deceive their clients knowingly face harsh penalties, including jail time. Many institutional measures are implemented by the federal government as well as the individual states to make sure mortgage brokers will continue to serve their customers well and continue to perform their indispensable function for the whole real estate and finance industry.
There is no need to absorb the frustration and anxiety of shopping around for a loan and trying to decide which is the best for your specific situation. That's our job and we do it exceptionally well. We'll gladly pull up our sleeves and start working for you.
Call us TODAY at (877) 310-FUND for a confidential and free consultation regarding your specific mortgage financing needs. Let's create your own custom-tailored winning formula and make you the proud owner of your dream home.
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