Empower You has been offering mortgage loans in the valley since 2007.  We have team members who specialize in different areas such as reverse mortgages, manufactured home loans and VA loans.  These loans require extra expertise to get them done efficiently and quickly therefore helping you to save money with shorter rate locks and costly re-inspections.

Why choose a Mortgage Broker over a Bank?

When it comes to securing a mortgage, most borrowers have two options – use a bank or a mortgage broker. While banks are well-known for offering mortgages, a growing number of borrowers are discovering the benefits of using a mortgage broker to help them secure the best mortgage deals. Here are some reasons why you should choose a mortgage broker over a bank:

Access to a Wide Range of Lenders

One of the biggest advantages of working with a mortgage broker is that they have access to a much larger pool of lenders than traditional banks. By working with a broker, borrowers can choose from a range of lenders, including traditional banks, credit unions, and non-bank lenders.

Mortgage brokers work with different types of lenders on a daily basis and therefore know which lenders are more suitable for particular situations. They also have relationships with many lenders that reward them for placing business with them, thus securing their clients better rates.

In contrast, banks can only offer their in-house products, which may not always be the best options depending on the borrower’s financial situation.

Expertise and Guidance through the Process

Buying a home can be an overwhelming process, especially for first-time buyers. Mortgage brokers work with borrowers to navigate the complex process of securing a mortgage, providing guidance and expertise throughout the process.

Mortgage brokers seek to understand their clients’ financial situations and recommend mortgage products and strategies that will best suit their needs. They will also help clients prepare their loan documentation, advise on credit score improvement, and ensure that their needs are met throughout the entire process.

In contrast, traditional banks may not provide the same level of personalized service and their loan officers may not have significant experience in the mortgage industry.

Comparison Shopping

While doing extensive research on lenders and comparing mortgage rates is possible, it can be time- consuming and challenging. Mortgage brokers have intermediary relationships with a large number of different lenders, and can cross-check a range of mortgage options quickly and easily.

This is especially useful when it comes to getting quotes for a client’s specific financial situation and negotiating rates on their behalf. It is important to note, however, that some mortgage brokers may not have access to all lenders so it is essential to do your research when selecting a broker.

Convenience

Another benefit to using a mortgage broker is the convenience they offer. Instead of visiting several banks or filling out multiple applications with different lenders, borrowers can work with one broker to manage the entire mortgage sourcing process.

Mortgage brokers can also work virtually, meaning clients can work with them over video calls, phone calls, and email. This saves both parties time and ensures that the client is not required to take time off work or other responsibilities to attend in-person meetings.

Mortgage Brokers Can Help Those with Poor Credit Scores

If you have a poor credit score, it can be challenging to secure a mortgage from a traditional bank. However, mortgage brokers can help those with poor credit scores find lenders that are willing to work with them or provide other practical advice to improve the credit score.

Mortgage brokers can also assist clients with struggles related to their financial situation, such as self- employment, income documentation, or borrowing history. They can discuss unique situations and offer solutions to clients who cannot find a mortgage with a traditional bank.

Cost-Efficient

Using a mortgage broker can save borrowers money in a variety of ways. For instance, mortgage brokers have access to special rates, discounts, and promotions that are not available to the general public.

Mortgage brokers may also be able to offer more competitive rates than traditional banks. This is mainly due to the fact that brokers can review an extensive range of options, compare rates, and negotiate with lenders.

Another way mortgage brokers can save borrowers money is through their ability to find mortgage products that do not have excessive fees, penalties, or hidden costs.

In conclusion, when deciding on whether to work with a bank or a mortgage broker, there are several advantages in choosing to work with a mortgage broker. The guidance, convenience, and access to a wide range of lenders, combined with personalized services and cost efficiency, make mortgage brokers a viable and practical option for homebuyers. As always, it’s important to do your research and ask questions to ensure that you have the right broker who can meet your needs.