If you are an American looking or a mortgage, you are in luck.
Most people when they begin their search start by entering ‘mortgage broker near me’ in Google. Although that is a good first step there are so many result that come up.
Large lenders, small lenders, no name lenders, and name brand lenders. Not all lenders are created equally, and that is why it is important to use the services of a mortgage broker near me (you)!
why use a mortgage broker?
This is a good question. After all, all lenders are the same right? So why do you need a mortgage broker?
A mortgage broker can actually save you a lot of money. They are expert in what they do and they have the ability to deal with multiple lenders, not just one specific lender. So why should that matter to you?
interest rate
Since a mortgage broker can deal with multiple lenders, they are able to shop around for you and get you the best possible interest rate. Let’s compare this to a bank. If you are using a large bank as your mortgage lender, the rates that the bank will offer you may not have much discretion. In that, if you ask the bank to lower the interest rate, they may only be able to do this a slight amount, because they are bound by their own lending policies.
Whereas, if you are dealing with a mortgage broker near me (you!) the broker is able to speak to multiple lenders. These various lenders are going to have differing policies on how much discretion they have on interest rates. Some lenders might be able to give much larger discounts than others. Thus, you win in the end because you get an excellent (and low) interest rate on your mortgage.
what about mortgage terms?
Yeah… what about mortgage terms? All mortgages are the same, right? WRONG!
All mortgages are definitely not the same. Working with a mortgage broker near me (you!) is a great way to find out about different mortgage terms that lenders offer.
Let’s look at one example. Some mortgages are open, which means that they allow you to pay any amount towards your mortgage at any time. This is a pretty cool mortgage term, because it allows a borrower to pay down their mortgage aggressively in the event that they have additional money available in order to make a payment.
Conversely, there are different types of mortgages (often called closed or fixed) that do not allow a borrow to pay down additional funds onto their mortgage whenever they want. Rather, these types of mortgages only allow additional payments on the anniversary date of the mortgage, often once a year.
So this is pretty important information for you to know when you are searching for a mortgage broker near me (you!).
If you are self employed and get paid irregular amounts throughout the year, an open mortgage with favourable mortgage terms that allow you to pay down the mortgage more, whenever you want, might be the best option for you.
Versus, if you are more conservative by nature and you don’t want to see fluctuations in your interest rate, the terms offered in a closed mortgage might be better suited for you.
mortgage broker near me
It’s super important that when you are looking for a mortgage broker near me (you!) that you ask them important questions, like what your interest rate will be and if the mortgage will be open or closed.
If you are looking for a new mortgage or if you are looking to refinance your exiting mortgage, and you want a no hassle online assessment, feel free to use this FHA Rate Guide Calculator so you can find out how much you can afford.