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Follow on Google News | Pros and Cons of Using a Mortgage BrokerBy: Fred Mullins So, when you have a good size down payment, and money set aside for an earnest money deposit, inspections, closing costs, moving, and miscellaneous expenses, you'll start looking for a home loan. Whether you have your eye on a condo downtown or on a beach, or want a single family home in a certain neighborhood, you'll probably need to obtain financing. You can either go from bank to bank and hit every credit union around or use a mortgage broker. But, which one is right for you? And, what are the upsides and downsides of going through a mortgage broker for your home loan. Here are the pros and cons of using a mortgage broker: • The mortgage broker's services are free to you. One of the biggest advantages of using a mortgage broker is getting professional real estate financing services for nothing. That's right, you don't pay the mortgage broker to find you the right home loan. Instead, the lender you choose pays the mortgage broker a fee. While this is good news, it also reveals a downside. That is, the mortgage broker doesn't work for you alone. So, this is something to be aware about. • A mortgage broker isn't a "captive agent." In the insurance industry, there are licensed individuals known as "captive agents." That means they only work for one insurance carrier and can't offer policies from competitors. Mortgage brokers have like flexibility -- they do not work for one lender and therefore, can shop from a wide variety of lenders for you. • A mortgage broker can help those with mediocre or less-than-perfect credit. If your credit history isn't stellar, then a mortgage broker is a good option. A mortgage broker can help to negotiate a better rate for your home loan. But, this doesn't mean it's a good idea to buy a home right now. Lastly, a mortgage broker saves you a lot of time. Instead of you trying to shop different lenders and fretting over which to apply, the broker will do the leg work. Fred Mullins, P.A. holds an MBA, B.S., real estate license United States Coast Guard Master Captain's license and commercial pilot's license. With over 20years of cross functional experience in real estate, international asset management and construction management, Fred's experience places him as one of the top real estate professionals in the Florida Keys.For help with buying or selling Real Estate in the Lower Florida Keys,see http://www.lowerkeys- End
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