3 MYTHS ABOUT MORTGAGE BROKERS THAT ARE FALSE
Many homebuyers, especially new ones, ask the question, “Do You Need a Mortgage Broker?” Then there is also the question, “What will a mortgage broker ask me?” For those who are still somewhat uncertain as to what mortgage brokers do and how they do it, we’d like to help explain by dispelling these three common myths about mortgage brokers.
1. Mortgage brokers increase the purchase price of a home.
Most brokers usually get paid a referral fee by the mortgage lender such as a bank, credit union, or other type of lender. They are paid commissions once the loan has been accepted and approved. This does NOT mean the mortgage rates are higher when using a broker’s services; the rates remain the same and the commission is taken out of the existing cost of the loan.
2. Mortgage brokers work for lenders.
Although the mortgage broker develops relationships with different lenders, they are truly focused on getting the best loan that works for you. Each loan is different and is based on the individual client. Some mortgage lenders have loans that might be more tailored for a client’s specific needs. The mortgage broker’s job is to find the best option for you from multiple lenders.
3. My bank will provide me the best deal.
If you have been with your bank for a long time, you may feel like you have built a relationship with them over time, however, this does not necessarily mean your bank has the best mortgage lending option. It is up to your mortgage broker to shop around and give you unbiased options and usually better rates. Some people may feel big banks are safer, but mortgage brokers can offer you the same products as the major banks plus additional options from lending institutions not otherwise available to the general public.
Stonebridge Mortgage works for you and provides options that are tailored for your goals.
Stonebridge Mortgage Group can help you get pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. We serve the greater Portland area and are in Gresham, Oregon.
Call us today at 503.661.5580