How Can a Mortgage Broker Secure a Better Rate?

Posted by admin on Mar 16, 2020 9:18 PM

In several articles on this site, we have made the point that mortgage brokers do a great deal for their clients in terms of making the complicated process of securing a mortgage loan much easier. But is there a financial benefit to choosing a mortgage broker over going directly to a lender?

In short, the answer is yes.

Options Available to Mortgage Brokers Create the Environment for Better Rates

The answer is yes because lenders or loan officers through banks often do not have the same degree of options available to them as a mortgage broker will. Brokers are either tied to specific lenders or have access to a wide variety of lenders (it may be important before engaging the services of a specific mortgage broker to establish which is the case for them).

In the former case, a broker can likely use their relationships with the lender to get an exclusive deal for their clients – knocking off certain fees or getting lower rates than would otherwise be possible for someone going direct.

In the latter case, brokers are able to quickly shop the whole market to find the best overall rates available in the marketplace. They can report back the best options to their clients so that they don’t spend much time shopping, but still are able to make meaningful decisions.

Remember that Rates aren’t Everything

While a lower rate will save you money in the long-run, the long-run isn’t everything. Borrowers have to balance mortgage rate concerns with the cost of buying that rate as well as other factors like closing costs.

A mortgage broker like Rachel Moore will help you navigate all this. If you’re looking to secure a home loan today, know your options – contact us today.

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How Can a Mortgage Broker Secure a Better Rate?

Options Available to Mortgage Brokers Create the Environment for Better Rates

Remember that Rates aren’t Everything

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