Buying a home is exciting, but the deal isn’t done until you’ve secured a home mortgage. For many people, a mortgage broker may be a better option than dealing with their local bank. Keep in mind, most local banks will offer one or two programs, while a mortgage broker may have a broader range of mortgage programs available.
What Is a Mortgage Broker?
In Illinois, mortgage brokers are professionally licensed individuals who help with mortgage financing and refinancing. Mortgage brokers act as an intermediary between the borrower and lender, allowing borrowers more opportunities to secure their home loan. Brokers are committed to acting in the best interest of the person who is searching for a mortgage.
Should I Use a Mortgage Broker?
Borrowers who are uncertain about what mortgage programs they are eligible for may find working with a mortgage broker is beneficial. In many cases, local banks are unable to provide certain types of loans; for example, not every bank may offer Veterans Administration loans. Mortgage brokers may also help borrowers who have less than stellar credit or are trying to finance a home that is classified as mixed use. There are hundreds of instances where a mortgage broker may be more helpful than going directly to a bank.
Are There Benefits to Using a Mortgage Broker?
There are many benefits to working with a mortgage broker. One of the best reasons to consider working with a mortgage broker is you have someone who will search for the best lender for your property. While a local bank may offer a set number of mortgage programs — for example, one rate for adjustable mortgages, one rate for fixed mortgages, etc. — a mortgage broker can provide your loan application to numerous lenders and work to get you the best possible rate and terms for your loan.
Are There Specific Questions to Ask a Mortgage Broker?
Yes; borrowers who are considering working with a mortgage broker should understand what type of agreement they are entering into. Remember, mortgage brokers are typically paid by you, the borrower. Ask friends, family members and co-workers for information about a mortgage broker they may have used. If you’re unable to identify a broker in this manner, make sure you ask the broker for references, his or her experience level, and how many lenders he or she has contact with. It may also be worth inquiring about how rate lots are handled, whether the broker can provide prequalification on a loan, and about how long it takes to close loans.
Anthony Marinaccio, a Chicago mortgage broker, works with some of the country’s biggest financial institutions. This means regardless of whether you are a first-time homebuyer, are interested in refinancing your current mortgage, or need an equity loan to complete a remodeling project, he can help you find the right home loan to meet your needs. Call his office today in Chicago at 312-981-2373 or in Schaumburg at 630-774-8737 to learn more about the mortgage solutions Anthony Marinaccio can provide. The team at Anthony Marinaccio will be happy to work with you to finance your dream home or help you get prequalified before finding the right home.