Top 3 Reasons A Mortgage Broker Is Better Than Your Local Bank - Wisconsin

July 15, 2008 - PRLog -- 1. Wholesale Interest Rates

Let's use Countrywide as an example. Countrywide gives a mortgage broker, like myself, access to wholesale interest rates as another avenue of revenue for themselves. Most times I will be able to offer 0.25% or better on an interest rate compared to you walking into the front door of Countrywide's building. Think about it this way, Countrywide does not have to spend money on marketing and taking the time to generate your business. They just hand over the rates and let us bring in the customers, then in turn, we sell the loan directly to them.

We all have heard of our mortgage loan being sold after it closes. It makes no difference using a mortgage broker that works directly in correspondence with a lender you were going to use in the first place. Wait, there is a difference...WHOLESALE INTEREST RATES!

2. Service

Ahhh, the magic "S" word that so many companies claim is their #1 priority. Yes, mortgage brokers are paid a commission, but it's basically for your benefit as a customer. A commission or bonus based employee will always be more focused on getting the job done. The same thing goes for a company that offers their employees a bonus for meeting monthly goals. It's an incentive to work harder and smarter! Some may look at is as an unfortunate thing that we have to place bonuses and commissions to motivate the employees, but heck, it works! Wouldn't you focus harder on getting that project done at work, if you know you were getting extra money if completed in a certain timeline? Most people would!

Service is very important to a mortgage broker. You build this connection that he/she can be trusted, since they may be contacting you on the weekend or later at night, since it is the best time for you to talk. This happens a lot when dealing with families. The average person gets off of work at 4 or 5pm and then has to deal with the children and things at home. It's almost 6 or 7pm before they have time to sit down and talk about their mortgage situation. Do you know of a loan officer at a local bank that services you at 7pm?!

3. Multiple Lenders To Work With

Mortgage brokers have access to multiple lenders for the customers benefit. Here are two reasons this can be beneficial:

a. When interest rates are available in the morning, the broker will have access to multiple banks interest rates. On any given day, one banks rates may be better than the others. The next day it may be a different bank with the best rates. The point is, having multiple banks to work with can benefit in looking for the best interest rates that day.

b. If a borrower has a unique situation, like a self-employed customer doesn't claim enough on his/her taxes to qualify for the loan, I can look at different banks that allows the borrower to state his/her income on the loan application. Unlike a local bank, they either can or cannot do this. No other option for the customer.

Access to multiple lenders gives the customer multiple options, especially if someone has a unique situation like employment, credit, or income.

My personal website:  www.genuinemortgagelending.com
My free mortgage advice blog:  www.genuinelending.com