When you’re ready to refinance your mortgage, you could go to your bank or credit union, use an online lender, or a mortgage broker. What are the benefits of a mortgage broker?
The first thing to remember about a mortgage broker is that a broker is 100% of the time working on behalf of the borrower. For all other lending sources, the loan officers and processors work for the bank or the lender, not the borrower.
That allows the mortgage broker to be an advocate for the borrower to the lender. When problems come up, brokers are problem solvers and are always looking out for the borrower, while lenders’ representatives are always looking out for the lender!
If a problem arises, it’s the borrower that carries the burden, our role is to help work through any issues with the borrower.
Using a mortgage broker can also provide you a better mortgage loan for your needs. Because brokers can use many different lenders, if we find one lender might not be able to get a loan done, we’ll find another that can, and we 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. Lenders can only offer the borrower what their rate sheet has that day, which might not be the best a borrower can get.
Mortgage brokers offer more benefit to homebuyers and homeowners and they are local companies that serve their communities. Indigo Mortgage is a local mortgage broker, and ready to help with your home purchase or refinance across Albuquerque and all of New Mexico.