A mortgage broker is usually the best option for someone who wishes to have access to a mortgage plan without taking upon himself the trouble of searching for various options and wasting time waiting in line at a bank or another in order to get a loan.
Why a mortgage broker?
For most people, dealing with hassles like mortgages and the financing world can be a cause for extra headache and lost time, especially if it is their first time looking for this type of financing option. This is the reason why you may want a mortgage broker by your side, who will act as a mediator between you and the bank or lender.
The mortgage broker can help you complete the process more easily and share all of his or her knowledge and experience to ensure you get the best mortgage deal for you, by taking into account your situation – especially your employment status, your credit history or your bank documents.
Advantages of choosing a mortgage broker
Usually, a mortgage broker is the best solution when:
- You want to access tricky loans but you know you have little chance with a local bank due to your credit history – in this case, a mortgage broker knows more lenders then you do and they may help you get the loan you desire;
- You want multiple loan options to choose from, as opposed to a bank, which is limited in this respect;
- You want to be able to get in contact with the lender as soon as possible, without spending extra hours handling paperwork;
- You want the best lending plan and the lowest wholesale interest rates. As opposed to going with the local bank, which is a retailer with higher interest rates, going with a mortgage broker who knows various wholesale rates may help you shop for the rate of your dreams;
- You are not familiar with the financing world and you want someone to guide you through this process (in exchange for a minor fee).
What does a mortgage broker actually do?
Once you have decided on a certain mortgage broker (do not forget to search for references beforehand), you will need to be prepared to pay them the broker fees or the loan origination fees. After that, the broker will collect from you all the necessary documents needed to determine your current status which will determine what type of mortgage are you eligible for, be it a purchase money mortgage or a refinancing mortgage.
Once this is determined, the broker will submit the loan to a bank or a lender to get approval. This means you will not have to work directly with the bank, but with the broker. If the loan is denied, the broker will keep trying with other banks or mortgage lenders, till the application is approved under convenient terms.
To conclude, a professional mortgage broker will do your work for you, sparing you the effort and coming up with the best solution for your particular situation. Undoubtedly, the best San Diego mortgage broker is Maureen Martin. Her years of experience and dozens of five star reviews all make it clear that her clients love her work. You can call Maureen at (619) 857-7191, or visit her office at 1010 Turquoise St #320, San Diego, CA 92109 in Pacific Beach.