If you are looking to buy a home or refinance, one of your top priorities is to get the most affordable rates you can find.
Whatever your individual scenario, it can help to work with a local mortgage broker rather than with a direct lender or a big box company.
In this post, we are going to share some ways that a mortgage broker like Premier Lending Corp can help you lock in competitive rates.
How A Mortgage Broker Can Save You Time And Money?
- We can shop around for you. The difference between a mortgage broker and a direct lender is this: a direct lender is just one lender. A mortgage broker is a company that partners with a network of multiple lenders. The advantage to you is that the broker can search the network for you instead of you having to call each and every one of the lenders individually to see what rates they are offering. Plus, Premier Lending Corp has strong relationships with many lenders throughout Florida. Those relationships sometimes give us access to special discounts on rates. If you were to call the same lenders yourself, they would not offer you those discounts. But we may be able to get them for you. Already have a loan estimate? PLC makes the process of shopping for the most competitive rates a breeze with our special price matching service. Upload your loan estimate, and we will tell you within 24 hours if a lower rate is available through our network.
- We can offer you a wider selection of mortgage products. Another of the keys to finding affordable rates for home loans is to apply for the type of mortgage product that will provide you with the most competitive rates given your individual situation. For example, let’s say you are shopping for your first home, and you do not have a stellar credit score. You could apply for a conventional loan, but you might find more affordable rates given your qualifications by applying for a government-backed program like FHA, VA or USDA. Each individual lender offers certain mortgage products, but not others. As a broker, PLC has access to a wider selection of mortgage products since we work with so many lenders, each with different specialities. That means we can help you apply for the type of loan that can help you save the most on rates given your qualifications.
- We can truly take the time to understand your situation. Every homebuyer comes into the process with a unique scenario. That scenario is going to include both advantages and disadvantages. As a homebuyer, you might be well aware of what holds you back in your borrower profile. For example, you could know there are issues with your credit score or your down payment ability. But you might be so focused on those disadvantages that you overlook or are not aware of what you do have on your side. A big box lender might rush through the application process, also overlooking the strengths in your borrower profile. But as an independent small business, PLC can take the time to really help you dig into your borrower profile. For example, perhaps you have assets that you forgot to document. Those assets might make a significant difference in helping you to qualify for lower rates. We will go through an exhaustive list to make sure that every strength in your borrower profile is fully accounted for in your application, and nothing that could help you falls by the wayside.
- We can offer you personalized tips before you apply. Finally, when you decide to apply for a mortgage, you might assume that your current standing with respect to your income, credit score, and DTI ratio is simply what it is. But the situation might be more dynamic than you realize. If you still have some weeks or months in your timetable, then you might be able to make some changes. The most common example would be opportunities to raise your credit score. There are some things you can do that can reflect pretty quickly in a higher score if they are applicable in your situation. Some examples might include correcting errors in your credit report or opting into reporting your utilities payments to the credit bureaus. During your consultation, we can look for these types of opportunities and tell you what steps to take next to quickly improve your borrower profile. Again, since we are a small local business that takes a personalized approach, we are willing to put more time and effort into doing this than a big box company would.
Find Competitive Mortgage Rates Now
Now you know some of the ways in which working with a local mortgage broker can make a difference in your quest to find affordable mortgage rates.
To find a mortgage with competitive rates in Florida now, please give us a call at 954-840-8811 to schedule your consultation. We work with borrowers in Cooper City, Pembroke Pines, Fort Lauderdale, Miami, Hollywood, and throughout the state.