In the process of trying to get a mortgage loan, you may have come across a lot of different issues with the mortgage offers you have received. Maybe you should look in the direction of mortgage brokers instead. Here are four things a mortgage broker can do that a bank lender cannot.
Get Most of the Loan Terms You Want
Bank lenders are pretty rigid when it comes to their lending terms. They do not and will not flex on certain points in their lending contracts. However, a mortgage broker can flex because the broker is able to find loan backers who will lend money under terms that will provide them with profits if you default and which provide you, the borrower, with the terms you want. You may not get all of the terms in your contract that you want, but the broker can certainly bargain with the private lenders to get most of the terms you are seeking.
Get You More Money
If a bank lender says that he/she will only give you $100,000 for a mortgage, a broker can probably get you anywhere from five to forty thousand more than that. That is good news if you found a house that costs more than the bank will give, but the owner will not budge on the price. The broker can find a way and a lending party who will give you all the buying power you need to get the house that is slightly more than the bank thinks you can afford.
Take Bigger Risks
The bank may see you as a major high-risk borrower, but your credit history and the things that have occurred in your life (e.g., divorce, hospital bills, etc.,) tell a different story about how you are able to repay your mortgage. The bank does not see that. On paper, the bank sees you as a potential monetary loss. The brokers, however, take a different approach. Hardships in life should not deny you access to a roof over your head, and that is why they take bigger risks to get you a mortgage for a home. All you have to do is show that you are making payments on your other bills on time.
Close the Loan Faster
Some mortgage brokers work weekends. Bankers do not. If you find a house late Friday afternoon, your broker can close your loan so that you can buy right away on Saturday, Sunday, or early Monday without fear of losing out on this house.
Contact a mortgage broker near you in order to learn more.