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Choose Wisely: A Comparison of Mortgage Brokers and Banks
Author: Kevin Onizuk
Mortgage Brokers Do The Work So You Don’t Have To

My career in the mortgage industry has provided me with many opportunities to work with both mortgage brokers and banks. I believe mortgage brokers are great tools for consumers in search of the best financing options available. A mortgage broker differs from a bank representative in some important ways. The broker can shop and find the best deal for a homebuyer or refinancing deal. The bank only sells its own products. The mortgage broker takes one application and one credit report and utilizes all of the resources to find the best rate and mortgage program available. In my role as the mortgage broker I am an expert working hard specifically for the consumer.

Mortgage Brokers Can Show You All The Possibilities

As a mortgage broker I may work with up to one hundred lenders all over the country. The consumer never knows about many of these companies because mortgage brokers have exclusive access to them. When a bank turns down a mortgage application for any reason, the bank is finished with that potential customer. A mortgage broker is not through -- he or she moves forward to find the next best lender. If a customer does the mortgage research alone mortgage companies want to pull a credit report before giving any details about products and programs you qualify for. All of these credit inquiries may lower your credit score and when it is time to qualify for the mortgage this is critical. My goal with every customer I work with is to find the best rate. This money all comes from essentially the same places: investors on Wall Street. Customers with good credit will be quoted a similar rate from a bank.

Tap Into Broker Knowledge And Thrive Under Special Circumstances

Consumers dealing with more credit challenges may find they have more choices with a mortgage broker. A lack of a down payment, a short time in business or the inability to prove all of your income may be a problem and a skilled mortgage broker will be able to find a solution. I can find specialty programs many lenders don’t have or don’t know about. Mortgage brokers shop around the country and they have the knowledge and expertise to get someone with unique circumstances approved.

How Does the Mortgage Broker Get Paid?

In the mortgage industry brokers are an integral part of the equation to get the best value for your money. I am the middleman between the customer and the lender. Mortgage lenders compensate mortgage brokers for completing a large portion of the work. When a mortgage broker markets and originates the loan lenders only have to deal with basic negotiations that involve an educated party (the broker), the approval process, and execution of the loan. The cost for banks and mortgage companies do not differ.

Compare a Mortgage Broker to a Buyer’s Agent

A mortgage broker is like a buyer’s agent for your mortgage.

A buyer’s agent represents the home shopper’s best interest. The agent is an educated real estate professional dedicated to representing only the purchaser. With this representation the homebuyer can save money and have better deals negotiated.
As a mortgage broker, I negotiate the term of a loan with only my customer’s individual needs and desires in mind. As a consumer it can be difficult to find advisors and representatives completely committed to your best interests. A mortgage broker is the key to uncovering all the possibilities and securing the best mortgage rates you can find. Be sure to choose wisely and you can reach your highest home investment potential.

About the Author

Kevin Onizuk has been in the mortgage business since 1994 and co-founded Breakwater Mortgage in 2003. His background covers many aspects of lending. Breakwater Mortgage has one office in Virginia Beach and two offices in Williamsburg, Virginia. Kevin Onizuk and the Breakwater Mortgage team are dedicated to providing the highest level of service available in the mortgage industry.

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