Pros & Cons Of Working Directly With A Mortgage Lender
When investigating real estate financing, the average consumer does not have the time, experience or resources necessary to adequately evaluate the plethora of loan programs that exist. For this reason, the majority of buyers seek the assistance of a mortgage broker. The role of the broker is to act as liaison between the borrower and multiple lenders, and to present the features of the available loans. However, a small percentage of borrowers choose to do the leg work themselves, rather than rely on a broker, and they face some different challenges.
Benefits – Some of the benefits of working with a broker include simplicity and efficiency of communications, an educated and experienced assistant, an independent opinion, access to various lenders and loan programs that would otherwise be overlooked, and consolidation of information for easy comparison. Those borrowers who choose to work directly with a lender will usually experience faster approval, less complicated decisions, a representative with more intimate knowledge of available programs, and lower closing costs.
The Downside –...
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