Independent mortgage brokers have had a significant positive impact on the lending industry. Over 65% of the mortgages in the US are originated by brokers. Today, the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers. In the volatile home lending market, mortgage brokers can serve as safeguards offering their clients security, safety, and peace of mind. One of the broker's most important functions is escorting your loan application through the entire process, constantly patrolling the transaction components for possible breakdowns. A professional mortgage broker can wade through the mountains of rate data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options.
Since mortgage brokers are only paid when a loan is approved and funded, their assistance will cost you nothing.
For those with blemishes on their credit report or a low household income, a broker might be able to negotiate better rates than if you approached the lending institution yourself.
Mortgage brokers will do all of the legwork for you in terms of paperwork and negotiating with lenders. They will also be your point of contact for everything related to your financing. Mortgage brokers essentially "shop" around, negotiate for you, and present the lowest rate on the market. Volume discounts achieved by mortgage brokers are passed directly to you.