It's simple, we do the rate shopping for you.
With the increasingly wide variety of loan
programs and interest rates available, it just doesn’t
make sense to be limited by the constraints of a single
mortgage company. A mortgage broker works with several lenders
to get the best rate available for their customers’
situation and is not limited to the strict in-house criteria
of many larger institutions which many times limit the financing
programs they can offer.
Additionally, mortgage
brokers have access to financing options that are not available
to the general public or to some other lending institutions.
Most loans today are sold in the secondary market to government
agencies such as the Federal National Home Mortgage Association
or the Federal Home Loan Mortgage Corporation. These programs
have more flexible underwriting criteria, particularly for
borrowers with less than perfect credit.
Does it cost more to
use a mortgage broker?
Not at all – and it
might even cost less than working with other lending institutions.
Some of our loans are arranged wholesale directly through
the banks, which cuts out the "middle man" expenses,
and we have no point/no fee options available on many loan
programs. In addition, Pacific Financial does not have the
large overhead expenses that are typically passed down to
the customer. As an independent broker our business interests
are aligned with yours - not with an overseeing parent company.
Creating more options
for you.
One of the greatest assets of using a mortgage broker is the
number of financing options they can provide. A turndown
from one lending source does not necessarily deny a loan
to our customer – we can apply to other sources that have
very different qualification criteria. Your financing situation
will probably fluctuate from the time you buy your first
home, and a mortgage broker has the freedom to work with
a number of lenders to find the right finance program for
you.
