When you are shopping for a home loan, you will discover you have two basic options: you can work with a mortgage broker, or you can work with a direct lender.
A direct lender is what it sounds like. It is a company that evaluates you for a mortgage, and then loans you the money directly to purchase a home if you meet its qualification requirements.
What Is a Mortgage Broker?
A mortgage broker is a company that works as a go-between for lenders and borrowers. Premier Lending Corp (PLC) is an example of a mortgage broker. We have a network of lenders throughout Florida. When borrowers come to us, we assess their needs, and then connect them with the most competitive offers available through our network.
Not sure if you want to use a mortgage broker or a direct lender? Let’s go over some situations where working with a broker can be especially beneficial.
- When you are buying your first home. The first time you shop for a home, you will have so many questions. While either a lender or a broker can guide you through the process, a local mortgage broker in FL can really spend the time walking you through the steps and what to expect. A mortgage broker may also have a broader knowledge of loan options and scenarios due to working with such a wide range of customers and lenders. Additionally, brokers can save you time, hassles and money, simplifying the process so it is as easy as possible. That way, you can just focus on finding your dream home.
- When your financial situation is complex. Do you have an unusual financial scenario? Perhaps you are a foreign national, or your income situation is unique. A mortgage broker is more likely to be able to give you access to loan products that are a fit for your needs than a lender, who may be too limited.
- When you do not have the time and energy to shop around on your own. Calling lender after lender to get quote after quote is no fun at all, especially when you would rather be focused on your home search. A mortgage broker can entirely take over that tedious task, calling around on your behalf. As you can imagine, it will save you many hours of time, not to mention a ton of stress.
- When you want access to the most competitive loan offers. Did you know that some of the most affordable rates are never publicly advertised by lenders? If you want access to them, you sometimes have to go through a broker. So, if you do not want to miss out on the most competitive offers, you should strongly consider using a broker.
- When you want the largest selection of loan types. When you work with a direct lender, the only types of loans you can apply for are those that lender offers. Indeed, if you are calling around to different lenders, you may not only be searching for the lowest rates, but specific lending products. Every time you waste your time talking to a lender that does not offer those products, you can feel deeply frustrated. Worse, a lot of homebuyers do not even know what they need. They may not even be aware that certain types of loans exist. So, they never even ask about them. As a result, they end up with home loans that are not as well suited to them as they could be. A mortgage broker like PLC can go over all of your loan options with you. And through established relationships with numerous lenders, we can quickly connect you with the type of home loan that will truly be ideal for your needs.
Buy a Home or Refinance Now with PLC
After reading through this list, hopefully you have a better idea of the specific benefits of working with a mortgage broker, and whether it might be the right choice for you.
If you want to find competitive rates for a wide variety of home loan products now, please give PLC a call at 954-840-8811. We can work with you in Cooper City, Pembroke Pines, Fort Lauderdale, Miami, Hollywood, and throughout Florida.