To Go Through A Mortgage Broker or Not

by Allan Wulff, MBA. Ph.D. 11/03/2019

When you begin shopping around for an ideal lender to finance your dream of home ownership, you will come across mortgage brokers. Much like their counterparts in the insurance industry or stock market, they act as a link between buyer and seller. 

However, why go through them if you can make the purchase directly? Why should you pay anyone a commission to do something you can do yourself? Moreover, then, isn’t there the possibility that they will recommend a lender because of the commission they get from them, even if they don’t offer the best interest rates? It’s certainly possible, but consider the following first before you decide to go it alone.

Hassle-free application

If you have ever gone through the mortgage application process from a traditional lender, you don’t need anyone to remind you how tedious it was. Filling form after form and searching for document after document. A broker can help reduce the time you spend on this process by telling you what is required beforehand and giving guidance.

Industry knowledge

Mortgage brokers ordinarily have years of experience in both the real estate and financial services industries. They will know much more about what’s trending in the area of property purchase and selling than you do as that is their bread and butter. 

A fast-talking loan officer from a lender can convince you to take on a product that is a less than optimal choice for your situation. Remember, they are salespeople too. However, in the ideal scenario, a broker will look at the property you want to purchase, look at your financial status and personal data and find you a package that best caters to all these factors. They have access to lenders across the country so they can quickly get you a mortgage product that has lower interest rates and fees while taking into consideration things like your credit rating and level of income.

Customer service

After you close the deal, you may struggle to get an audience with that loan officer if you were dealing with a big bank. The beauty with brokers is that they’re usually small companies, and this allows them to have closer contact with their customers. On the other hand, since they work closely with lenders, they know precisely who in the bank to contact when you need any assistance.

Take time to find out what terms lenders offer directly from them before settling on any mortgage broker.

About the Author

Allan Wulff, MBA. Ph.D.

Hello and thank you for visiting! Selling or buying real estate is very serious business! I provide extraordinary results! Prior to real estate I was President/CEO of a number of area technology companies, Vice-Chairman of the INOVA Hospital Association and have been a long time member of the Association for Corporate Growth. With a broker’s training and experience, you get more than just a realtor agent. My negotiating skills and astute problem solving capabilities, honed by executive experience, have proved extremely effective for my clients in achieving their dreams and real estate goals in this current complex and fast paced market. As a long time Northern Virginia resident my experience will benefit you whether you are buying a home or selling a home or are a returning client checking out the many homeowner resources my associates and I offer. Buying a home? I look forward to helping you select the home of your dreams by taking time to listen to your needs and desires. Selling a home? My real estate expertise and many effective marketing programs will give you the exposure and edge you need to sell your home quickly for top dollar. Testimonials. I appreciate the opportunity to continue to serve you and hope you take advantage of the valuable resources I provide. Come back to visit often! I consider this community an excellent place to reside and would love to share with you my enthusiasm for the many neighborhoods in the area. I pride myself on providing unparalleled service and look forward to developing a long-term relationship with you. Please feel free to contact me if you would like to discuss how I can best assist you with your real estate goals. Sincerely, Allan Wulff