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It is counter intuitive to go to a mortgage broker vs. directly to the bank for a home loan. What if I told you I knew someone who has personal relationships with a hundred lenders, and can get you wholesale rates not available through retail channels? This is a Mortgage Broker.
Often the first thought is: ‘there is another party so I must be paying more’. This is not the case. The bank saves by not paying a bank loan officer and uses this savings to pay the broker. The bank also has no advertising cost and less office expenses, passing the savings on to you. Wholesale Lenders can get many loans with less overhead attached to each loan. Many lenders compete for these loans, driving wholesale rates down even further.
Banks will often increase their interest rates to slow the flow of loans. All banks experience capacity issues at some point and are forced to increase rates. As a borrower, it is almost impossible to know if the bank you are talking to is in this situation. A Mortgage Broker has tools to determine which lender is currently offering the best rate.
Mortgage Brokers have access to a wide variety of loan products and lenders. Because of this, Mortgage Brokers have a greater number of solutions for any given home loan challenge.
If you have a specialty loan, such as a construction loan, it may be best to go direct to a lender that specializes in your loan type. You could also look for a broker who specializes in what you need.
You should talk to several mortgage brokers and lenders. Compare rates as well as the knowledge and experience of the Loan Officers. Experience and a proven track record are especially important when choosing a Loan Officer here in Hawaii. Utilize online resources to see what others are saying about who you are interviewing. A simple google search can save you a lot of headaches.
With the right broker, you have an advocate for you financing, guiding you through the maze of mortgage lending while meeting both your interest rate and timeline objectives.
Here is another great resource on this subject: Mortgage Brokers: Advantages an Disadvantages
Find a Loan Officer
Author: Joe Schmitz
C2 Financial Corporation is a Hawaii State NMLS Licensed MLOC: NMLS #135622, C2 Hawaii NMLS#1244222. Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by borrower. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of Hawaii.
