Blog

4 Things Every Borrower Needs to Know About Mortgage Brokers

4 Things Every Borrower Needs to Know About Mortgage Brokers

June 20th, 2018 | mortgage brokers

Buying a home in Pennsylvania, whether for the first time or the last, is an exciting event. Yet before you even take a look at a single home for sale, it is a smart idea to have your mortgage financing lined up. While it is possible to get a home loan directly with your local credit union or bank, the most common mortgage-makers are mortgage brokers. If you are ready to apply for a home loan, here are 3 things you need to know about mortgage brokers before starting the process.

A broker is a middleman

Mortgage brokers act as go-betweens for you and many different potential lenders. Instead of contacting several lenders yourself, comparing mortgage interest rates and filling out multiple home loan applications, a broker will do all of the work for you. They are licensed professionals who will search around within their network of lenders to find the best rates and terms. They save you time by doing things like running your credit report and gathering important documents. They will then file applications for you and hold your hand through the entire loan process. You hire a broker to essentially do all the work of getting you a mortgage.

Brokers have special connections

Each broker has cultivated a network of relationships with mortgage lenders. This could include national banks but it also usually comprises several regional and local lenders. Because of their connections, mortgage brokers can sometimes find special deals, helping to negotiate on your behalf for the best interest rates and lowest fees. Plus, there are plenty of lenders that only make home loans through brokers. Having someone on the inside of the lending world can give you an edge over those who try to find funding on their own.

The best brokers are found through referrals

When you start your search for a mortgage broker, ask friends, family and associates for referrals. If someone you know has personally had a good experience working with a particular broker, it is likely you also will be pleased with his or her service. It certainly gives you a better shot at success than simply looking up a few random brokers. Be sure to ask in depth questions about any referred brokers – How knowledgeable is he? How quickly does she respond to texts and emails? What did he do to make the process roll smoothly?

You can also get some good suggestions from your real estate agent. He or she will definitely have connections with several mortgage brokers and can recommend the ones who are easiest to work with.

With these 3 pieces of mortgage broker knowledge under your belt, you should be able to score a great deal on your home loan. Our Certified Mortgage Planners operate as both a banker and a broker adding even more value to you!  Contact us today for a free mortgage planning session. 

Comments



Leave a Comment

Contact Us


Not readable? Change text.


Bank of England Mortgage

1000 Germantown Pike Suite F1
Plymouth Meeting , Pennsylvania 19462
Phone: 877-761-3076
NMLS: 418481

Bank of England Mortgage has tried to provide accurate and timely information; however, the content of this site may not be accurate, complete or current and may include technical inaccuracies or typographical errors. From time to time changes may be made to the content of this site without notice. Bank of England Mortgage may change the products, services, and any other information described on this site at any time. The information published on this site is provided as a convenience to visitors and is for informational purposes only. You should verify all information before relying on it and decisions based on information contained in our site are your sole responsibility. If you need specific details about any information contained in our site, you should contact Bank of England Mortgage at 877-761-3076. A reverse mortgage is a loan that must be repaid when the home is no longer the primary residence, is sold, or if the property taxes or insurance are not paid. This loan is not a government benefit. Borrower(s) must be 62 or older. The home must be maintained to meet FHA Standards, and you must continue to pay property taxes, insurance and property related fees or you will lose your home. This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states. If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 877-761-3076. This contact information is for accommodation requests only. Bank of England Mortgage and Bank of England are not affiliated with any government agency. Bank of England Mortgage is a division of Bank of England. NMLS 418481. Member FDIC Credit Counseling Disclosure | Preventing Identity Theft | Privacy Policy | United States Patriot Act