Why Use a Mortgage Broker in Florida Instead of a Direct Lender?

While shopping for a mortgage in Florida, one of the decisions you will have to make is whether to work with a mortgage broker or company which lends directly. Mortgage brokers offer many advantages which direct lenders cannot.

Following are some reasons why you should strongly consider choosing a mortgage broker instead of a lender for your next home loan.

Tips Before Buying a Home in Florida

1. A broker shops around for you, so you can concentrate on searching for the perfect home. If you are planning to work with a direct lender, it is completely up to you to do all the research necessary in order to find the lender which is going to offer you the best loan for your needs. This can take a substantial investment of time and effort, and you might still miss out on some of the best rates and terms in the area. With a mortgage broker, you get to leave all that research up to the broker itself. You can spend your valuable time gathering documentation, touring houses, and taking care of other business.
2. A broker can connect you with rates and terms you might never even discover otherwise. Mortgage lenders value their partnerships with brokers, because brokers bring in customers. To facilitate that relationship further, many lending companies have specials which are available only to customers referred by the brokers they work with. Since these special rates and terms are not advertised widely, there would be no way for you to discover them or take advantage of them without the help of a mortgage broker in Florida. Just think about the money you could save over the lifetime of your loan.
3. Since a broker works with an entire network of mortgage lenders in Florida, it can offer you a wider variety of loan products. Many lenders specialize in one type of home loan or another, and may not offer the full spectrum of loan products available in Florida. A mortgage broker does not have these limitations. Because the broker has a wide network to draw from, it is able to connect you with any type of loan product you need. If one lender in the network does not offer that product, another surely does.
4. A mortgage broker may be better connected throughout the community, and may have more in-depth local knowledge. Mortgage lenders do tend to be well networked, but not necessarily to the extent of a mortgage broker. Think about it. The broker is networked to the lenders, which in turn are networked throughout the community. This provides an extended network of connections which the broker can draw from.
5. A broker doesn’t just vet loans, but lenders as well. We have talked about how a broker can give you access to more competitive rates and terms then you might find on your own going through a direct lender. But this is not the only way in which a broker can help you out. The best mortgage brokers in Florida do not work indiscriminately with every lender in the area. Instead, they go out of their way to choose only the most trustworthy, transparent and reliable lenders for their networks. Much of your experience with a mortgage is going to come down not only to your rates and terms, but also what it is like to deal with the lender on a long-term basis. When you are connected with a loan through a broker which carefully vets prospective lenders, you can rest assured that you have been matched with a lender that is going to take good care of your loan—and you—over the years ahead. In fact, a broker can ask you questions to find out not only what you are looking for in a loan, but in a lender as well.
6. When you work with PLC as your mortgage broker, you are not dealing with a large bank. Finally, many direct lenders are large banks, and they operate as such. To these big lenders, you are not a person, but a number. You cannot trust such a company to put your best interest first like a small, independent mortgage broker.

Contact Your Florida Mortgage Specialist

Premier Lending Corp is here to build long-term relationships with customers, and is committed to bringing every individual who walks through our doors the ideal loan product. Let us connect you to a mortgage which is going to help you to achieve your personal goals. Please call us today at 954-840-8811 to schedule your consultation.