When it comes to getting a home mortgage, the potential buyer has several options to consider. You can use an online lender or mortgage company, go directly to a credit union or a loan officer at a bank, or you can ask a mortgage broker to handle it for you. A mortgage broker is basically the liaison or middleman between the home buyer and the lender. They handle all the paperwork and sales documents while using their connections with different lenders to shop for the best deal on your behalf.
What do Mortgage Brokers do for Home Buyers?
Mortgage brokers have two responsibilities. Using their network of bank and mortgage lenders, their primary job is to find you the best loan at the best interest rate. Second, they are there to help you navigate through the loan qualification and approval process. This is based on your home buying situation as well as your credit history and income. The goal is to find the lowest possible interest rate. Furthermore, they can help you streamline the entire mortgage process.
How do You Benefit When Working With a Mortgage Broker?
One of the main benefits of working with a mortgage broker is that they can find lenders who are willing to work with home buyers that have poor credit, non-W2 earnings, and a range of other unique financial circumstances. The benefits of working with a mortgage broker include:
- They aren’t geographically limited in their search for the right lender (they can search locally, regionally, or nationally).
- They can save you a lot of legwork by helping with the loan application process and shopping for the best mortgage rate.
- They can save you time by offering faster application and loan closing processes.
- They may be able to have certain fees waived because of the relationships they’ve built with different lenders over the years.
- They may have access to certain lenders who will give them special rates because of the business they have generated for them during their relationship.
If you do decide to go with a mortgage broker on your upcoming home purchase, don’t just pick the first one you come across in the Google search results. Do your research and some due diligence to find a mortgage broker that fits your home buying needs.
Your Denver Mortgage Broker is Front Range Mortgage
Most importantly, contact Front Range Mortgage at your earliest convenience for the best mortgage rates available today. We’ll discuss your mortgage requirements and select the best lender for you. With over 24 years of experience in the Colorado mortgage industry, we can help you with pre-qualifications and help explore the type of available loan programs that suit your needs.