about mortgage Brokers – Everything You Need To Know

about mortgage Brokers - Everything You Need To Know Header Image

Here we seek to answer some of the most commonly asked questions about mortgage brokers and whether to use a mortgage broker, bank or other lender and why.

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Buying a house is one of the single largest purchases you will ever make in your life. Such a large purchase requires planning, consultations and most importantly good advice; because it’s one of those things that you will be paying for for many years to come.

This article was written by Chancellor Corp. A for profit Mortgage Brokerage registered in Florida with an outstanding track record. While this article seeks to provide general information about the industry; many of the opinions and views in this article reflect the way that we do business:

“In the best interest of the customer.”

This may or may not be true for other mortgage brokers. You should always compare offers before making a decision.

About Mortgage Brokers

What does a mortgage broker do?

Image of the relationship of a mortgage broker

Mortgage brokers serve as an intermediary between multiple lenders and you the buyer. We source a variety of loan products from numerous lenders. Some offer mortgages directly to the consumer and some don’t.

Over time, we have learnt the type of borrowers that our lenders are looking. We have learnt the terms that each loan product entails. After interviewing you, we match you to the right lender with the right loan product for your personal needs.

Mortgage brokers not only know these lenders and their products, but have access to their rates in real-time. Rates fluctuate by the minute until we get to a certain stage of underwriting. This is when we lock in your rate. Your rate may be adjusted at final underwriting contrary to the information generally posted online. You will always have to agree to the final rate in writing before accepting or paying a dime.

Minimize credit pulls

Image representing single credit pull

Another benefit that working with a mortgage broker affords you is a single credit pull for the loan application. Now let’s say someone (or the internet) convinces you to shop around at 3 different banks for the best deal. So you responsibly apply to 3 different institutions and each will run your credit at least once. So that’s 3 hard inquiries on your credit report. Or the loan doesn’t close because you’re unable to submit all your documents on time or fulfill all the requirements. 30 days later that’s 3 more hard inquiries with a lower score this time. That’s 6 in total. It takes 2 years to drop off your credit report and a lot of explanations for another loan. With us, we’ll only do one single hard credit inquiry and that’s it. We’ll shop numerous lenders on your behalf with that single pull.

you get to choose

Multiple options offered by a mortgage broker

Another advantage that working with mortgage brokers give you, is we often have more flexible options for your loan. Eg: you could choose to pay the closing cost inside the loan shrinking your initial investment significantly. Or we could have the appraisal fee waived for you saving you hundreds of dollars. There are so many possibilities that it would be impractical to mention each one here. That’s why we always recommend a free no obligation consultation to get you on the right path.

you get to leverage lenders

Image representing the investment of time a mortgage broker makes with lenders

We have invested many years building these relationships with our lenders. We know the advantages and disadvantages of each lender and their products.  This puts us, in a unique position to help you as a buyer. You get to leverages lenders in ways that you would never be able to on your own. Now, we’re not saying: don’t shop around or at least be aware of the advertised rates and terms out there. You should understand that those advertised rates generally come with a long list of disclaimers, fine print and only fit a very specific criteria.

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