A Mortgage Broker Saves You The Legwork
The alternative to working with a broker is to call up dozens of lenders and compare their mortgage terms and rates on your own. A broker saves you the time and headache of having to do that. Mortgage brokers have regular contact with a wide variety of lenders, some of whom you may not even know about.
A Mortgage Broker Protects You
A Mortgage Broker can steer you away from certain lenders with onerous payment terms buried in their mortgage contracts.
A Mortgage Broker May Have More Access
Some lenders work exclusively with mortgage brokers and rely on them to be the gatekeepers to bring them suitable clients. You may not be able to call some lenders up directly to get a retail mortgage.
A Mortgage Brokers may also be able to get special rates from lenders due to the volume of business generated that might be lower than you can get on your own.
Save Money on Some Fees
There are different types of services and fees that can be involved in a new mortgage or working with a new lender including application fees, origination fees, and appraisal fees. In some situations, mortgage brokers may be able to negotiate with lenders to waive some or all of these service fees which can save you hundreds to thousands of dollars.