When you’re looking for help to buy or refinance a home, talking to a loan officer at your local bank may be your first instinct. But an independent mortgage broker usually has more lenders for a borrower to consider than does a loan officer at a bank.
If you want to finance a residential or commercial investment property, a top-rated mortgage brokerage firm can shop the lender market for the best possible terms and interest rates to reduce your fixed costs. Considering that there are thousands of mortgage products on the market, there is a good chance that a professional help will result in finding a more affordable loan than the one you could choose on your own.
Good mortgage brokers also provide an invaluable service for first-time home buyers. And a seasoned mortgage agent can guide such a buyer throughout the entire purchasing process. Unfortunately, mortgage broker companies are not all created equal. Some companies favor lenders with higher commissions for them, rather than lower interest rates for you. And some home loan brokers are too lazy to shop for the best rates—sticking instead to what’s easiest for them.
RealEstateBees.com has searched the entire USA to come up with a list of recommended mortgage brokers who have proven track records. Our national research has resulted in an online directory to help you connect with one of the top 10 reputable mortgage brokers in your area.
Frequently Asked Questions
Who are mortgage brokers and what do they do?
In a real estate transaction, the local mortgage broker’s role, by definition, is an intermediary who connects a borrower with a mortgage lender. Mortgage brokers assist property buyers in finding a loan that works best for them by helping them choose among different mortgage lenders and their programs.
The broker also gathers pertinent information from the borrower and submits that information to several lenders for their review and pre-approval. In most states, the broker will help the borrower get a pre-approval letter for a specified loan amount.
The broker does not loan money to a borrower. The broker assists the borrower in obtaining a loan. And the broker earns a commission or flat fee for their services.