During the search for your dream home, you’ve likely heard friends or your real estate agent talking about mortgage brokers. Indeed, finding a good mortgage broker is a key step in getting the right rate and fee structure mortgage for your home. Naturally, though, first-time home buyers will have many questions about what exactly a mortgage broker is and what they do.
What is a mortgage broker?
Your mortgage broker acts as the middleman between you and potential lenders. They will work on your behalf with several banks to find mortgage lenders who best fit your needs.
Mortgage brokers are licensed and regulated financial professionals. They will do the work of gathering documents from you, pulling your credit history, and verifying your income and employment – all information that they need to apply for loans on your behalf. Once the loan and lender has been settled on, your mortgage broker will keep in touch with the bank’s underwriting department, the closing agent, and your real estate agent to ensure the transaction runs smoothly all the way through closing.
What are the benefits of using a mortgage broker?
As mentioned above, your mortgage broker does a lot of leg work for you. They apply for loans with different lenders on your behalf, find the lowest mortgage rates, negotiates terms, and make sure all of the information needed is accurate at hand – such as your credit rates and other financial information.
Mortgage brokers also often have relationships with several local, regional, and even sometimes national lenders because it is part of their job to work with these professionals on a regular basis. You get to use those connections to your benefit and may even get some loan fees waived for you. Your mortgage broker works for you directly, and so can give you more one-on-one attention than a loan officer at a bank.
Some banks and lenders even work exclusively with brokers. Having a mortgage broker broadens your scope of available lenders. Brokers also save you time. Applying for different loans is a lengthy process, and there must be a constant open stream of communication when underwriting the loan and ensuring the transaction stays on track. A mortgage broker saves you hassle, stress, and hours and hours of time during this process.
Stonebridge Mortgage Group is the Name You Can Trust for Mortgage Services
If you’re looking for mortgage broker services, look no further than Stonebridge Mortgage Group. When you need a mortgage broker in Gresham, Stonebridge Mortgage Group is the name you can trust, and our services don’t stop there.
Stonebridge Mortgage Group can help guide you through the home buying process. We help get you 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.
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