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What Is A Mortgage Broker?

September 7, 2020

client shaking the hand of his mortgage broker because they finalized buying a homeMany borrowers hire a mortgage broker to help secure the lowest mortgage rate possible when purchasing their home. If you are planning on purchasing a home, it is helpful to understand the role of a broker and the benefits of working with one can offer during the home buying or refinancing process.

What is The Role of a Mortgage Broker?

A mortgage broker works on behalf of the home buyer during the loan process, essentially serving as a middleman between the borrower and the lender. The main priority of the broker is to secure the best possible home loan for the borrower. A broker can also help homeowners who are interested in refinancing their home. The borrower generally does not have to communicate with the lender at all throughout the process, and the mortgage broker essentially handles all of the difficult work of securing a home loan. While borrowers can get a loan on their own, it is generally easier and often more affordable long-term to hire a broker to assist in the process.

Benefits of a Mortgage Broker

Your experience with a mortgage broker may be unique, but there are certain benefits you can expect when hiring an experienced mortgage broker. The most notable benefits a mortgage broker can offer include:

  • Lower mortgage rate
  • Access to more lenders
  • Fewer loan fees
  • Easier loan process
  • Time saved

Everyone has their own reason for hiring a mortgage broker. Many hire a mortgage broker to ultimately save more money long-term by acquiring a lower mortgage rate. Others, especially first time home buyers, may do so because they do not fully understand the long and complex loan acquisition process and want assistance from a professional. The best way to determine if a broker is right for you is to assess your own situation and discuss with a mortgage broker whether their services are right for you.

Shopping for The Lowest Rate

low interest rates shown on a keyboard shown with home keysOne of the first things a mortgage broker will do is assess important information related to the client’s credit and finances. They may check the client’s credit score and report, tax returns, pay stubs, and checking and savings account statements. They may also check employment information and documentation. This gives the broker a better sense of the client’s buying power, which is useful to secure the lowest rate possible when negotiating with prospective lenders.

After analyzing the financial information, the mortgage broker can discuss loan options with the client. This may include establishing an appropriate loan amount and discussing the best type of loan for that particular client. The broker will then go to work on behalf of the borrower, securing multiple loan offers from multiple lenders to compare and find the best possible rate.

Guide To Various Loan Options

Choosing the right type of loan can be difficult for home buyers. A mortgage broker makes this process easy by shopping for multiple types of loans for the buyer from different lenders, helping them to get the best mortgage rate possible. The most common types of loans include:

  • FHA – Federal Housing Administration (FHA) loans are a great option for first-time home-buyers with a low credit score. They require a minimum down payment of 3.5 percent of the purchase price, and offer competitive mortgage rates.
  • Conventional – Conventional loans are often the best option for homebuyers with a credit score of 620 or higher. The minimum down payment for a conventional home loan is 3 percent of the purchase price.
  • USDA – The U.S. Department of Agriculture (USDA) loan program is for buyers interested in purchasing in a more rural part of the country. There is often no down payment required, and it offers generous mortgage rates.
  • VA – Many consider the Veteran’s Association (VA) loan program to be the most generous, although only members of the military and their spouses qualify.

Each type of loan has unique benefits. A broker can explain the pros and cons of each option to the buyer and help them decide which type of loan program is most appropriate.

Variety of Loans Offered

woman looking at her laptop with the word mortgage on it to determine the best loan rateA skilled mortgage broker will solicit multiple loan offers to secure the best rate possible for the home buyer. After choosing a loan program, they will find the right lender for the buyer. If the buyer has certain preferences, such as lower closing costs or the lowest possible cost for mortgage insurance, a broker can take these into consideration and represent the buyer during the negotiation process with the listing agent and lender.

Reach Out to a Mortgage Broker Today

If you are interested in purchasing a home or want to refinance your home, reach out to our team at My Lending Pal today to chat with an experienced mortgage broker. We understand the importance of securing the lowest possible mortgage rate to allow for more long-term financial freedom, and our team is committed to helping our clients do just that. Our experts are available to discuss the different types of loans available and how we can help you secure the best rate for your home purchase.

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MyLendingPal, Inc, NMLS ID #1734346, (www.nmlsconsumeraccess.org); Corporate Office: 5400 Laurel Springs Parkway, Suite 304, Suwanee, GA 30024. Georgia Residential Mortgage Licensee #61544. Principal Loan Originator: Ricky Merchant, NMLS ID: 1517056. Georgia License # 54264. For questions regarding state licensing, please contact (404) 433-8918. Not all products and options are available in all states. Terms are subject to change without notice. Any rates or terms are speculative only and can change without notice.
Google Rating
5.0
MyLendingPal, Inc
MyLendingPal, Inc
5.0
Balachandar Sundaresan
Balachandar Sundaresan
17:30 23 Jun 20
Roger Merchant and his team were very helpful, right from getting a great rate to completing all process on time and being super responsive. Would happily recommend him!!
Dinesh Nair
Dinesh Nair
14:41 30 Jan 20
I would definitely recommend MyLending Pal for all mortgage needs. It all started with a great competitive quote on refinance and excellent service continuing all the way until closing. Priti, Ricky and Roger were a pleasure to work with.
Ramesh Kumar
Ramesh Kumar
02:03 17 Dec 19
I would really recommend Nations First Home Mortgage, if you are looking for the best home mortgage options. I was very much glad to work with this team and they have saved lot of time and money!!
gulshan rai
gulshan rai
03:21 17 Apr 19
I would highly recommend Mr Roger to anyone in the area looking for an amazing lender. He made the mortgage process so easy and effortless. I could tell him and his team were very attentive to all the details that came with applying for a mortgage and were quick to remind me of any deadlines that were approaching.It was super easy to work with Mr Roger.My special thanks to preeti who did an amazing job to get things done in the timely manner. If I had any questions, it was almost like she was waiting at her desk for my phone call to answer the questions immediately. The loans closed on time and without a glitch. I would highly recommend them to anyone
Ajith Nair
Ajith Nair
01:50 13 May 19
We highly recommend Roger for financing mortgage. Roger and his team were excellent through out the process and we had a very smooth purchase. They were always available when we had any questions. It was an amazing experience working with Roger and his team.
Pratul Patwari
Pratul Patwari
13:03 20 Jul 20
Roger Merchant and Priti Vin helped us in buying our first home. They understood our needs and took care of everything for us. They were very good with the communication through the process. They will always be my first choice in future for the mortgage services.
Sujatha Hariharan
Sujatha Hariharan
20:51 26 Jul 20
They were able to find me great rates. Service was quick and communication prompt. The loan process can be daunting as is the document gathering process but this was the easiest and quickest that I have experienced. Highly recommend!
Dinesh Nair
Dinesh Nair
15:53 30 Jul 20
I would definitely recommend MyLending Pal for all mortgage needs. It all started with a great competitive quote on refinance and excellent service continuing all the way until closing. Priti, Ricky and Roger were a pleasure to work with.
Manu Pushpanath
Manu Pushpanath
15:59 29 Jul 20
Great lender to work with. Right from document collection till closing they did it in 2weeks. The fastest closing I heard and get to experience myself. One improvement I suggest is it will be good if the closing attorney can come into the house for completing the closing. Considering current situation it will add a lot of value to the reputation. Thanks Milan and team for a good closing experience.
Sakthi S
Sakthi S
20:46 01 Sep 20
Would definitely recommend Roger and his team.Refinanced for the second time and with roger, I didn’t feel like I refinanced.The process was very smooth and fast.The rates were very competitive and it was amazingworking with Roger and his team.I’d recommend him for sure.
Sunny Patel
Sunny Patel
21:17 01 Sep 20
They were quick, courteous, and professional. They got me an excellent rate and helped make the process smooth. I would recommend using to my friends and family!
Emmitt Rathore
Emmitt Rathore
14:57 22 Dec 20
Roger helped us find an unbeatable rate!His decades of work in the industry made it easy for us to complete many processes with the lender, and helped us close on time!I will definitely be passing the good word around and recommending family and friends to him.I look forward to our next real estate transaction with them.
M Alamoti
M Alamoti
01:02 11 Jan 21
I had the experience of using their service. They know what they are doing. They are very honest, professional and caring. I have no doubt and hesitation to recommend them to anyone who is looking to purchase a home. I am very pleased for their service.
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