Reasons WHY you shouldn’t use a Mortgage Broker

Why would I, as a mortgage professional, post an article with this title? The truth is, I want to grab your attention. There actually are not any reasons that come to mind. As a matter of fact, there are countless benefits to having someone else negotiate your mortgage for you. Plus, a consultation is always free!

It goes beyond the rate

Having personalized service is without a doubt the number one reason to enlist the help of a mortgage professional. This service goes beyond the rate itself. The rate is obviously a very important factor, however it should not be the only influence. We always look for a rate that fits, but sometimes the features and benefits available outweigh a slight rate variance. For example, some lenders may have flexible prepayment privileges, and that may be a priority for some people. The ability to make additional payments can put you further ahead in the long run, even if the rate is slightly higher.

You may be someone whose main concern is the rate alone. This may lead you to a lender that does not have as many perks as a "bricks and mortar" institution. In this day and age many people prefer virtual banks, and these companies often come with lower rates. It is always your decision as to how you want your mortgage structured. Our job is to act as the middle person between you and the lender.

Let someone do the research for you

There is a vast number of options available, which can become overwhelming. Banks are always launching innovative products, so why not let someone do the research for you? After all, our lives are busy enough with work, kids, maintaining a home and trying to have a healthy work-life balance. Another advantage is that you do not have to work around banking hours. Your mortgage specialist will work around you, whether it is in between your kids' activities, during a lunch break, or even a lazy Sunday afternoon.

They will have your best interest in mind and understand that timing is critical, especially in a purchase situation. Credit policies can be different from lender to lender, and a well-informed mortgage expert will save you time when it matters most. You deserve, and you should expect, prompt, efficient service.

It is extremely important to do your research and make sure you choose someone you are 100% comfortable with. Read reviews, call and ask as many questions as you want, and make sure they are the right fit for you. After all, it is your money and ultimately your financial future.

Originally published Mar 5, 2018. Rates, programs and rules mentioned reflect that time; for today's numbers see the rates page or ask Tisha.