Behind the Scenes of Home Buying: How the Right Mortgage Broker Can Make All the Difference!
Published October 2, 2023
Let’s dive in!
1. Financial Benefits
The first major advantage of using the right mortgage broker often hits us where we’re most interested – our wallets. Mortgage brokers help identify the most attractive interest rates and loan terms in the market. They are experienced negotiators who can leverage their relationships with lenders to secure a mortgage that fits your financial situation seamlessly. It is important to compare fees and rates when you are considering purchasing a home. Each lender is different with different fees, underwriter fee, loan origination fee, credit, appraisal and discount fees etc… With the right broker, your dream home won’t remain just a dream due to financial constraints!
2. Relationships with Real Estate Agents
Your journey in real estate is never a solitary one – it’s a complex dance involving various professionals, one being the real estate agent. A competent mortgage lender usually maintains healthy relationships with local agents. This relationship can swing things in your favor in a competitive market, getting your offer accepted over others. The lender you choose is important in competitive market, you as a buyer can use anybody you choose but local lenders with a high closing rate carry a stronger approval.
3. Fee Structures Transparency
“Fee” is a word that often comes loaded with fear and uncertainty. But this needn’t be so. A right mortgage broker is transparent about the fee structure from the get-go. Their clarity will prevent unwelcome surprises and helps you plan your finances meticulously. It is important to always get a breakdown of all the fees the lenders charge, their set fees, as stated above, underwriting, loan origination etc…
4. Local Lenders – Understanding the Local Market
Taking a local approach can be the key to opening the right doors. A good mortgage lender has a more profound understanding of the local market trends, regulations, and opportunities. Often times a mortgage lender with a good closing reputation can help get the buyers offer accepted in a competitive market, beating out other offers. This knowledge can aid in finding the right house and speeding up the loan approval process while simultaneously increasing the chances of your application’s success.
5. National Lenders and Missed Contract Deadlines
National lenders might appear attractive due to their brand value, but their lack of local knowledge can cause significant drawbacks. They may even result in missed contract deadlines – a potential dealbreaker in the real estate journey. An adept mortgage lender who knows the ins and outs of your local market can coordinate effectively with agents, escrow officers and the buyers, thus ensuring contract deadlines are met promptly.
6. Trusted Closings
One of the most crucial roles a mortgage lender plays is during the ‘closing’. They are the linchpin who ensures the funds get where they need to be on time for the deal to close smoothly. Knowing your broker is reliable can take a significant weight off your shoulders at this crucial stage. The buyer plays a large role in in timing by providing all required documents in a timely manner, but the lender ensures the funds are delivered on time for closing.
7. Always Reachable
Real estate decisions can’t always follow the standard 9–5 schedule. The right mortgage broker understands this. They are available, at least over the phone, email, or even text message, during outside of normal business hours, ready to answer any queries and resolve concerns. On top of that, the most important time for a lender to pick up the phone is when there is a problem, that is where most fall short. It is important to have a lender that can communicate with you, the agents, escrow officers, and anybody else needed to solve the problem, for example the company underwriters, managers, funders, loan document preparers….
8. Reliability and Problem-solving
Above everything else, the reliability that a good mortgage broker provides is second to none. Real property transactions often come with certain hurdles that a competent broker can help overcome. Mortgage brokers act as problem solvers, navigating unforeseen circumstances, ensuring your journey towards homeownership remains as hitch-free as possible.
Choosing the right mortgage broker is like picking the right travel guide – it’s all about the one who makes the journey enjoyable, efficient, and cost-effective. From finding the best rates to smooth closings, a competent broker makes all the difference! If you are already working with a real estate agent, chances are they have referred you to a lender. If they do it’s because they have built a trusted relationship with the lender knowing they have taken care of their clients, solved the problems, picked up the phone, and always close the home purchase for the buyer.
So, as an aspiring home buyer, an investor, or a move-up buyer, remember that the right mortgage broker is out there. Your job is to find them, trust them, and let them guide you home. Happy house-hunting!
As agents we all have a preferred lender, I have been working with my lender for almost 15 years as of this month without a missed closing date or a disappointed client, hopefully he will be somebody you will try, click below to reach out to Justin Pierce with Goldstar Financial