Are you trying to decide whether you should apply for your mortgage with the credit union down the street, the bank that you have been doing business with for years or a mortgage broker? These are only some of the many possibilities available to you, so finding the best interest rate for your next home loan is easier said than done. Mortgage brokers often can save you time while also helping you find competitive loan terms, but there are a few things to be aware of before you apply.
If you apply directly with a bank or a lender, the only loan programs your representative will tell you about are the programs offered by that financial institution. The representative’s job is to sell you on his or her employer’s loan programs. This person can only tell you about the most affordable interest rate available to you through that financial institution.
A mortgage broker, on the other hand, is an independent party. Because of this, a broker has the ability to truly shop around on your behalf and to help you set up more favorable loan terms. In order to earn your business, the mortgage has to be successful in doing so. Because mortgage brokers have extensive knowledge of a wide range of loan programs, they often can save you time while lining up great terms for you.
Keep in mind that the interest rate is only one of several factors that will affect the overall cost of your mortgage and your ability to buy the home that you have your eye on. For example, the loan fees due at closing can vary by thousands of dollars depending on the loan program and the lender. Your ability to qualify for the loan amount that you need, the need to pay a mortgage insurance premium and other factors are all relevant as well.
The MortgageDepot loan origination team specializes in helping each of our clients find the lending solution that is a great fit for their unique needs. To tap into our loan team’s expertise and to explore the many options that could be available to you, contact MortgageDepot today.
Contact one of our loan consultants today to learn more.
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