The Benefits of Working With a Mortgage Broker 
Whether you are applying for a home loan to purchase a new property or to refinance your existing home, you have the choice of working directly with a lender or working with a mortgage broker. A broker acts as a liaison between you and the lender, and you may think that you can save time and money by cutting out this liaison from your transaction and dealing directly with the lender. The fact is, however, that a mortgage broker adds a significant amount of value to the transaction. After learning more about the benefits a broker can provide to you, you may decide to use a broker for your next purchase or refinance.
Shopping for the Best Loan 
A broker is not the same as a bank representative. A bank or lender representative will provide you with a loan quote based on the programs his or her institution offers. A broker, on the other hand, will shop your loan request around in order to find the best loan terms for you. These are lending professionals who have a pulse on the industry. If you have special considerations with your loan, such as if you are self-employed, have lower credit scores or some other unique features with your loan request, a broker typically will know which lenders may be more lenient or accepting of these unique features. Further, they will shop your loan on your behalf, saving you valuable time and effort in this process. Most will provide you with several different loan options, and these typically will represent the most competitive loan offers they were able to find for you.
Moving the Loan Along 
Once you have decided which loan program you want to move forward with, the services of a broker will continue. A broker will work to provide the lender with all of the necessary paperwork for the loan request. He or she may contact you with a list of items required for the loan, such as tax returns, bank statements and more. Further, he or she may contact the title company, appraiser and other parties on your behalf in order to gather these items for you. The broker will submit all of the required paperwork to the lender, and will typically follow up with the lender to ensure the loan is proceeding on schedule. These efforts can minimize the time and effort required of you during the loan process.
Preventing and Addressing Issues 
Many loan requests will sail through to the closing table without issue, but some loan requests will run into issues. For example, the lender may have a question about your income, the appraised value may be lower than anticipated and more. A broker is an experienced professional, and this experience can be invaluable in recognizing potential issues before they actually become issues. Some issues can be prevented with forethought and planning. In the event an issue does arise, the experience of a mortgage broker can be beneficial in navigating through these issues.
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Essentially, a broker is your ally throughout the process. This is an agent who is employed by you to walk you through the entire loan process. The services provided can help you to find the best loan, can save you time and money and can ensure your loan proceeds without drama or issue.