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Davie Home Finance, 115 Donna Rd NE, Palm Bay, FL 32907
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Why Choose a Mortgage Broker?
Today 75% of all mortgage transactions are now being performed by mortgage
brokers acting to match both lender and borrower. Mortgage professionals have
expertise in finding programs ideally suited for each borrower's needs.
A mortgage broker can handle problems with your loan file much more effectively
then a local bank. A mortgage broker can switch your loan to another lender
within minutes if a problem should arise. A local bank usually has one program
and if something happens the loan can be denied.
Take advantage of our deep relationships with the banks and wholesale rates
only a top mortgage broker can provide.
There is not one bank that offers every available loan product in the world. When
a bank does not have the best loan program suited for a homebuyer, rather than
pointing the homebuyer to another bank that has the right program, it sells the
homebuyer one of their loan programs, without regards to the borrower’s benefit.
For example, a bank that does not offer adjustable mortgages with an initial fixed
rate period would sell a homebuyer a 30 year fixed rate mortgage, which almost
always has a high interest rate, even though the bank is fully aware that the
homebuyer intends to sell the home in two years. On the other hand, an
experienced mortgage broker theoretically has access to every loan program
available in the marketplace and has the homebuyer’s best interest in mind.
A mortgage broker essentially provides a match making service between the
loan shopper and the lender to find the best match. The broker has access to
literally hundreds of loan programs. A mortgage broker shops around for your
mortgage where as they would go to 30+ lenders and the banks, loan institutions,
trust companies and private lenders who end up competing with each other for
your mortgage. The banker may only have a few. Banks for the most part try to fit
the borrower into their loan programs. A broker knows a lender's specialty. The
broker can identify what lender might fit a borrower's special needs, for instance,
first-time home buyers or buyers with damaged credit.
The broker does everything the banker would do. The broker checks credit and
work history, arranges for an appraisal and title search. After all of this
information is compiled, the broker selects a mortgage lender based on the
borrower's specific financial information and personal records.
There is a myth that getting a loan from a mortgage broker is more expensive
than from a bank. Because the broker receives a "wholesale" price for the loan,
the broker can most always originate a loan and make a fair profit while charging
less than the retail side of the same bank would charge to originate the same
loan.
The theory is that because a mortgage broker has access to multiple lenders,
they have the ability to shop for the best rates for you. Most lenders are
competitive, and they have to be because that is their bread and butter. They
make the money on the interest you pay.
Brokers provide consumers with choice, convenience, and experience. The
consumer receives an expert mentor through the complex lending process. The
broker offers the consumer extensive choices and access to affordable home
loans while balancing the consumer's financial interest and goals.
Some of the answers to why over 75% of all loans today in the United States are
originated through mortgage brokers are listed below:
A mortgage broker's overhead is usually lower than a bank; therefore, you may
receive lower rates or lower fees than a bank. Mortgage brokers do not usually
have high priced presidents and attorneys that banks have, thus they do not
require the profit margin in a loan that a bank requires.
There are many different mortgage programs out there for consumer to choose
from. A broker deals with numerous Lenders (banks,mortgage bankers,etc.).
Because a mortgage broker has access to these programs and banks usually
have access to what their bank offers, you have many more options with
mortgage broker.
A mortgage broker is a specialist. Mortgage brokers spend all their time
concentrating on mortgage loans. A loan officer at a bank may work on mortgage
loans, car loans, consumer loans, checking accounts, etc. The average mortgage
broker is usually more educated with respect to home loans than the average
bank loan officers.
Any bank at any one time may have good rates. This is called supply and
demand. When a bank needs loans to fund their portfolio, they improve their
pricing (lower rates). When they have had their fills, they increase their pricing
(raise rate). A mortgage broker has entered into contracts with numerous
lenders, therefore when a certain lender raises their rates a mortgage broker has
another lender to choose from. In addition, sometimes the lenders with the best
rates are out of state; a mortgage broker has access to these lenders where a
bank usually does not.
Today 75% of all mortgage transactions are now being performed by mortgage
brokers acting to match both lender and borrower. Mortgage professionals have
expertise in finding programs ideally suited for each borrower's needs.
A mortgage broker can handle problems with your loan file much more effectively
then a local bank. A mortgage broker can switch your loan to another lender
within minutes if a problem should arise. A local bank usually has one program
and if something happens the loan can be denied.
Take advantage of our deep relationships with the banks and wholesale rates
only a top mortgage broker can provide.
There is not one bank that offers every available loan product in the world. When
a bank does not have the best loan program suited for a homebuyer, rather than
pointing the homebuyer to another bank that has the right program, it sells the
homebuyer one of their loan programs, without regards to the borrower’s benefit.
For example, a bank that does not offer adjustable mortgages with an initial fixed
rate period would sell a homebuyer a 30 year fixed rate mortgage, which almost
always has a high interest rate, even though the bank is fully aware that the
homebuyer intends to sell the home in two years. On the other hand, an
experienced mortgage broker theoretically has access to every loan program
available in the marketplace and has the homebuyer’s best interest in mind.
A mortgage broker essentially provides a match making service between the
loan shopper and the lender to find the best match. The broker has access to
literally hundreds of loan programs. A mortgage broker shops around for your
mortgage where as they would go to 30+ lenders and the banks, loan institutions,
trust companies and private lenders who end up competing with each other for
your mortgage. The banker may only have a few. Banks for the most part try to fit
the borrower into their loan programs. A broker knows a lender's specialty. The
broker can identify what lender might fit a borrower's special needs, for instance,
first-time home buyers or buyers with damaged credit.
The broker does everything the banker would do. The broker checks credit and
work history, arranges for an appraisal and title search. After all of this
information is compiled, the broker selects a mortgage lender based on the
borrower's specific financial information and personal records.
There is a myth that getting a loan from a mortgage broker is more expensive
than from a bank. Because the broker receives a "wholesale" price for the loan,
the broker can most always originate a loan and make a fair profit while charging
less than the retail side of the same bank would charge to originate the same
loan.
The theory is that because a mortgage broker has access to multiple lenders,
they have the ability to shop for the best rates for you. Most lenders are
competitive, and they have to be because that is their bread and butter. They
make the money on the interest you pay.
Brokers provide consumers with choice, convenience, and experience. The
consumer receives an expert mentor through the complex lending process. The
broker offers the consumer extensive choices and access to affordable home
loans while balancing the consumer's financial interest and goals.
Some of the answers to why over 75% of all loans today in the United States are
originated through mortgage brokers are listed below:
A mortgage broker's overhead is usually lower than a bank; therefore, you may
receive lower rates or lower fees than a bank. Mortgage brokers do not usually
have high priced presidents and attorneys that banks have, thus they do not
require the profit margin in a loan that a bank requires.
There are many different mortgage programs out there for consumer to choose
from. A broker deals with numerous Lenders (banks,mortgage bankers,etc.).
Because a mortgage broker has access to these programs and banks usually
have access to what their bank offers, you have many more options with
mortgage broker.
A mortgage broker is a specialist. Mortgage brokers spend all their time
concentrating on mortgage loans. A loan officer at a bank may work on mortgage
loans, car loans, consumer loans, checking accounts, etc. The average mortgage
broker is usually more educated with respect to home loans than the average
bank loan officers.
Any bank at any one time may have good rates. This is called supply and
demand. When a bank needs loans to fund their portfolio, they improve their
pricing (lower rates). When they have had their fills, they increase their pricing
(raise rate). A mortgage broker has entered into contracts with numerous
lenders, therefore when a certain lender raises their rates a mortgage broker has
another lender to choose from. In addition, sometimes the lenders with the best
rates are out of state; a mortgage broker has access to these lenders where a
bank usually does not.
| Call Today!! (321) 373-4659 (866) 319-2998 toll free |