Mortgage brokers offer benefits to those buying or refinancing a home. A mortgage broker is not tied to one lender so they are able to work on the side of the borrower, not the company that employs them.
All other lenders, the loan officers, and processors work for the bank or the lender, not the borrower. This makes the broker an advocate for the borrower to the lender. When problems come up, mortgage brokers are problem solvers and are always looking out for the borrower, whereas lenders are always looking out for the lender and if a problem arises, it’s the borrower that carries the burden to solve it.
Also, brokers use many different lenders so that when one might not be able to get a loan done, another mortgage lender often can and the broker can easily switch to another lender.
Brokers also search for the best rates and terms for the borrower and more often can find the best rates available on the market, which may save the borrower thousands of dollars over the life of the mortgage loan.
Lenders can only offer the borrower what their rate sheet has that day which might not be the best a borrower can get. Brokers are better and they are local. Indigo Mortgage is a local mortgage broker, serving New Mexico homebuyers since 2003.