If you’re embarking on the homebuying process, you may consider whether working with a mortgage broker is right for your transaction. While you can sort through loan types and rates on your own, mortgage loan experts like brokers might be a good option to help expedite securing the right lender for your home purchase. Before you head to a big bank, credit union or private lender, here’s what you need to know about collaborating with a mortgage broker.
What Do Mortgage Brokers Do?
Mortgage brokers are licensed and regulated financial professionals who act as the bridge between borrowers and lenders. They originate loans and help you connect with a variety of lenders who best fit your financial situation and rate requirements.
“As mortgage brokers, we’re able to offer buyers the products of as many banks as we can handle, which gives them a broader product set,” says Andrew Weinberg, principal at Silver Fin Capital. “A good mortgage broker anticipates hiccups before they occur. Our expertise is knowing what kinds of issues, like closing on time, will come up on loans that might make it not work at one lender, but may make it work at another.”