VIRGINIA BEACH, VA / ACCESSWIRE / May 27, 2021 / Why bother with a mortgage broker? You already have a realtor, a title officer... It's like the joke about screwing in a lightbulb - how many people in pantsuits does it take to close a home?
Many homebuyers find a good mortgage broker to be the MVP of their home purchase.
Buying a home is exciting - and nerve-wracking. It's a massive investment, and an even more significant debt to assume. Homebuyers understandably want to get a good deal while not biting off more than they can chew.
But with so much money at stake and so many moving parts, buying a home can become a competitive, overwhelming, and expensive process.
A professional mortgage broker can:
- Save you time.
- Save you money.
- Save you stress.
When you need surgery, you trust a professional. Why would you do anything different with a commitment as big as a mortgage? Here are some concrete reasons why it still makes sense to work with a great mortgage broker …
Advantages of Working with a Mortgage Broker
Save Time
You have enough to worry about without trying to DIY the mortgage search, especially when you are not a career professional in the mortgage industry.
Buying a house is a time-consuming process. Most buyers can't afford to take time off work while they house-hunt. Don't underestimate the value of handing off the hard parts to a professional.
A good mortgage broker will listen to your situation, go to work, and come back with the best loan programs to meet your needs. All you need to do is pick the one that suits you best. A mortgage broker can even expedite the application process, saving you even more time.
More Access
There are hundreds of loan programs out there. Many of them you have never heard of. A professional mortgage broker stays current on the mortgage marketplace and builds relationships to access the best deals and rates.
In short, a mortgage broker can act as matchmaker for your loan from a vast pool of lenders, many more than you can easily access through a Google search.
Pre-Approval
A mortgage broker can help you obtain pre-approval for a loan to strengthen your position when making an offer on a house.
Sellers want to be confident that the offer they accept will result in a closing. Knowing that the buyer has been pre-screened by a lender or mortgage broker adds to that confidence.
Expert Guidance
The mortgage industry is not static. It's a constantly evolving beast, with new programs and regulations, hidden fees and ever-changing interest rates. It's easy to get blindsided.
A mortgage broker can help buyers avoid potentially costly pitfalls that could set them back or even derail a closing.
What to Look Out For When Choosing a Mortgage Broker
Fees
Yes, the broker expects to be paid. But most brokers are paid by the wholesale lender, not the borrower. While some brokers have rates aligned with bank and lender margins, most can actually offer lower margins - meaning you actually save money on fees. Make sure you ask the question and understand how your broker gets compensated.
Fiduciary Responsibility
Fiduciary responsibility means that the mortgage broker is required to put your best interests over his or her own. That means that (s)he must find the right loan for you, regardless of what loan might be more advantageous to them.
A loan broker might get a commission or kickback for pushing clients into certain loan programs. Even if there's no financial incentive, (s)he might want to build a relationship with a particular lender. These incentives might tempt a mortgage broker to push clients to that lender instead of a lender who might be more appropriate for the buyer's situation.
But a mortgage broker who strictly adheres to their fiduciary responsibility will put the client's best interest first, always.
Accurate Estimates
A mortgage broker might give you an initial estimate of the terms available to you, but that estimate is not set in stone. Interest rates and lending conditions could change significantly between the estimate and the rate lock or closing date.
Look for a mortgage broker willing to be realistic and conservative, rather than optimistic to try and secure your business. That way, you're more likely to be pleasantly surprised rather than blindsided.
About VA Wholesale Mortgage, Inc.
VA Wholesale Mortgage, Inc. is committed to finding the best available terms and rates for every client, every time.
Born and raised in Virginia Beach, founder Daniel Solis worked for seven years in the corporate mortgage industry before becoming frustrated with the way buyers were treated. Enter Eric Tan, a military veteran, real estate investor, and mortgage professional since 2001.
Over lunch, they sketched out on a napkin a plan to offer a better class of service for mortgage shoppers - no hidden fees, full transparency, complete fiduciary fidelity, and service bespoke to every homebuyer and their unique situation. Thus, VA Wholesale Mortgage, Inc. was born.
Hampton Roads, in the Tidewater region of VA, has one of the highest concentrations of veterans in the US. As a veteran-owned company, VA Wholesale Mortgage, Inc. understands how stressful Permanent Change of Stations can be and takes pride in helping make the transition seamless.
Through expertise, low overhead, and a commitment to client-centric service, VA Wholesale Mortgage, Inc. has grown exponentially over the past year. With a dedicated team of 13 across five states, they stand ready to save you time, money, and hassle on the road to becoming a proud homeowner.
Contact:
Company Name: VA Wholesale Mortgage
Contact Person: Daniel Solis and Eric Tan
Address: 249 Central Park Ave Suite 300-116 Virginia Beach, VA 23462
Phone Number: (800) 244-4132
Send Email
Website Link: https://vawholesalemtg.com/
SOURCE: VA Wholesale Mortgage