Why using a Mortgage Broker is Better than a Bank

You may know the reasons going to a mortgage broker may be better than going to a bank*, but your potential customers may not. You know that:

1. Your clients do not have to commit to hours and hours of online searching for products and rates. They are also not subjected to multiple credit checks by multiple banks which could result in lowering their credit score.
2. Experienced licensed Loan Officers and Brokers already have the relationships established with mortgage lenders and will help their clients avoid any income or credit pitfalls.
3. The best mortgage professionals offer mortgage programs from lenders with lower wholesale rates compared to the limited higher priced products that the banks offer.
4. Loan rules and lending guidelines change frequently so borrowers need plenty of guidance. No need to fumble and stumble in the dark!
5. Mortgage brokers and loan officers have a monetary incentive to provide their clients with the loan option best suited for their particular needs, not the bank's cookie cutter product. An overworked bank employee has little or no incentive to offer advice on specific programs and often leaves the customer guessing which way to proceed!
6. Loan officers are licensed professionals who are required to completed continuing education every year to maintain their license to originate loans, unlike a bank employee. Loan officers understand the importance of offering their borrowers, the best loan to meet their needs, not what the banks want.

* source: Mortgage Broker or Bank. London Community News. 6/19/2013. http://www.londoncommunitynews.com/shopping-story/3845943-mortgage-broker-or-bank-/