True or False: Independent Mortgage Brokers Can Offer Realtors and Brokers Better Service than Big Lenders.

TRUE: According to Housingwire.com, Independent mortgage brokers are cheaper, faster and offer better customer service.  Below are some of the misconceptions and the explanation of why they may be totally wrong today.

True or False: Independent Mortgage Brokers Have Less Control than Big Lenders.

FALSE: independent mortgage brokers work with more than one lender and can place your loan somewhere else if you are not getting the loan programs or customer services you need during the origination process.  Mortgage brokers don’t stick to bank hours either, so the customer service doesn’t end at 5 p.m., or when it’s convenient to them.  Independent brokers are more likely to respond to calls, texts or requests for meetings more promptly than their big lender counterparts. That means their problem solving doesn’t end at 5 p.m. either. As you get to know your mortgage broker, they get to know you, and can address any questions the underwriter may have during the loan origination process.

True or False: Its easier to work with a big national lender than a little mortgage broker.

FALSE: your local mortgage broker is not an invisible voice at the other end of the call.  You can actually meet face to face if you prefer, to discuss concerns or questions about the process.  Possibly, because of the lack of anonymity, your local brokers are more likely to work closely with both realtors and homebuyers to deliver service that continues after the loan closes.  Because brokers can work with different lenders, if homebuyers are denied one loan program, brokers can often place them with another beneficial home loan program so the sale can be consummated, without the borrowers having to resubmit an application.

True or False: Mortgage brokers don’t have tech advantages of big lenders.

FALSE: Today, if you have access to the internet, you can access the newest technology.  Independent does not mean isolated, and the lenders competing for the broker’s business provide cutting edge technology to enable loans to close more efficiently. 

There are other myths surrounding the mortgage loan industry, but today, good loan programs, backed by GSEs (Government Sponsored Enterprises) are available through mortgage brokers as well as lenders, with low origination costs and high standards of customer service.  Visit PurchaseOurNewHome.com to be connected to a licensed mortgage broker in your area today.