You are going to make important choices when applying for a mortgage loan to buy a new home. These include choosing between a mortgage broker and a DIY strategy. You need to carefully weigh your options as your decision will have a long term impact on your life.
Should you work with a mortgage broker, Frisco, TX? To help you come up with the most appropriate decision, we share in this post some facts about mortgage brokers that you might find important for decision making.
Here are some things you need to know:
Access to more financial institutions. A mortgage broker works for a lender, which is a non-depository institution. Unlike a loan officer whose service scope is limited to a bank he is working for, a mortgage broker has access to multiple financial institutions, which is an advantage because this means, you, the client, can have more loan options.
Mortgage brokers are licensed professionals. A mortgage broker is required by Federal laws to be licensed and cannot have their salary linked to the interest rate you receive from a prospective lender. In other words, working with a mortgage broker, Frisco, TX, should not affect how much your loan will be.
Mortgage brokers do the legwork. They shop around for the best rates available for you. And, because many of them have access to a powerful loan pricing system, you can have a spectrum of lenders to choose from, increasing your chances to get the best deals in the market today.
Mortgage brokers may be able to manage your fees. Applying for a new mortgage can involve different types of fees, including origination fees, appraisal fees, and application fees. However, a mortgage broker can help to waive some or all of these fees. This can save you hundreds – or even thousands – of bucks.
Are you interested in working with a mortgage broker, Frisco, TX? Contact us today at (512) 949-3385 for more inquiries.