Mortgages

Mortgage Broker for your Home Mortgage

5 Reasons to Use a Broker For Your Mortgage Needs

Many feel that banks and credit unions will be best at lending money on real estate transactions. A much better alternative is a mortgage broker. Here are five reasons why:

1. Choice of Many Lenders

A good broker has access to many lenders and is able to guide you in finding the best rate and making sure the loan is right for the circumstances. Access to a wide variety of lenders means a broker can find lenders who specialize in niche products that can suit the individual needs of the client. This enables them to find a loan that works best. For example, some lenders specialize in reverse mortgages; some in loans that finance fix-up costs; and others only do FHA or VA loans. A broker can help you identify what loan is right for the client.
2. Lowest Rates

The banker is limited to the rates that are published by bank management. Rates are dependent on a variety of factors such as monthly income, credit rating, amount available for down payment, and what type of home being financed. If the circumstances fit the ideal loan model of the bank, a low rate may be quoted; however, that is rarely the case. Brokers can choose from a large number of lenders and find a loan with the best rate available for the specific situation.
3. Better Service

Your broker has a vested interest in making sure that the needs of the client are met, that questions are answered and that the client is pleased with his or her service. Good brokers will be at the client’s side throughout the transaction, from loan application to closing. Brokers thrive on a good reputation and word of mouth advertising. The client that receives poor service can ruin a broker’s reputation.
4. Personal Service

The broker will share his/her cell number and/or home number and advise a client to call anytime with questions or concerns. Frequently when dealing with a bank or directly with a lender and getting past voice mail, there will be one person to take the application, another verifying employment, and still another closing the loan. The broker, on the other hand, will be the primary contact and will sit with at the closing table to make sure that the client’s interests are protected.
5. Better Chance of Loan Approval

The broker will not get paid unless the loan is approved and closed. Therefore, the broker will make sure that obstacles to loan approval are minimized. This can include anything from helping improve the credit picture, helping document income, or simply advocating for loan approval with underwriters and lender management. If the loan gets denied by one lender the broker will likely submit it to another, especially if the loan meets guidelines and should be approved.

Choose dealing with a good broker. It is the right choice.

Fixed Rate Mortgages

The traditional fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of mortgage is structured, or "amortized" so that it will be completely paid off by the end of the loan term. There are also "bi-weekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks.

Our team at Oak Street Financial, Inc. has the experience and skills to guide you through a range of mortgage services that you will find useful. It can be a confusing and challenging search when you are looking for financial information of any sort, we understand that, and we aim to act as a dependable, professional partner you can fully rely on.

When you need to talk to the loan experts, come to us and we’ll provide assistance and advice to help you meet your financial goals.