- September 27, 2018
- By Heather Gapol
- Island Home Loans News
Brokers Vs. Bankers – Why Use a Mortgage Broker?
Many new homebuyers assume that they must work directly with a bank or lender. Truth is, while working with a bank or other type of lender is an option, it’s not always the BEST one.
Working with an Independent Mortgage Broker brings benefits to the table that banks and lenders can’t.
For anyone who doesn’t work in the Real Estate Industry or related field, when talking about Mortgages, many people use the words “broker” and “lender/banker” interchangeably. But the truth is, there are big differences between them and knowing what they are, can improve your experience and may even save you a lot of money.
Fact is, every year, homebuyers unwittingly pay higher mortgage interest than they should – sometimes thousands of dollars more because they don’t know how to find the best loans. The Consumer Financial Protection Bureau estimates that 47% of consumers don’t shop around to find the most affordable mortgage. They simply get their loan through the first mortgage professional that they speak with or the first result that shows up in their Google Search, which is unfortunate because it could be costing them a ton of money!
COMPETITION SAVES YOU MONEY
Competition drives prices down.
We have relationships with many lenders who all compete against each other for your business.
Rates change every day.
The rate that a consumer gets depends on their down payment, credit score, and other qualifications. Until you apply for a loan and lock in a rate, you won’t know what your actual interest rate will be.
WHAT ARE OUR INCENTIVES?
We as Mortgage Brokers are not compensated based on the terms and conditions of your loan. This helps to ensure that we are working towards getting you the best possible loan.
We are vetted, licensed, and bonded and are required to take continuing education classes every year.
It is our commitment to you that we recommend the best possible loan program that makes the most economic sense for you!
WORK WITH A LOCAL – SUPPORT LOCAL
A mortgage broker is a specialist who ONLY works with mortgages.
We live and work locally. So chances are, that we will run into you at some point or another.
That is why we try our very best to make sure that you are happy with our services and communicate with you every step along the way.
We do know that the loan process can be long and cumbersome, but that is why it’s crucial for us to make sure that your loan is done correctly and on time for your closing!
Not only are we BBB Accredited, we also have been chosen Best of East Hawaii Mortgage Company for the past seven years and running!
Additional Resources from the Mortgage Experts Blog
- 3 Reasons Why You Benefit Working With an Independent Mortgage Broker
- 6 Key Benefits of Working with an Independent Mortgage Broker
- 5 Traits of an Outstanding Mortgage Broker