So you’ve found the perfect house and want to buy it, but you don’t have a clue how to go about it. You can let your real estate agent help you find financing, but you’ll be taking the risk that the person will sell you out to a lender who will give him or her a kick-back instead of giving you the best deal. Besides, there is no way that a local realtor can be on top of all of the hottest deals that are available. That’s why you should consider working with a mortgage broker in Madison, WI or wherever you live.
Mortgage brokers make it their business to find you the best possible financing at terms you can afford. So once your offer on the house has been accepted, it’s time to contact a broker.
Brokers can be well worth what you pay for them as long as you choose wisely. As in all professions, some brokers can use unethical practices. You want someone who will honestly be working for you and who is committed to finding you the perfect mortgage. A broker will have a list of lenders who are willing to do business with his firm. Often you can get much better rates at a lending institution by going through a broker than you’d get by approaching the lender yourself. Lenders learn to trust brokers to give them a high volume of excellent clients; therefore, they are willing to give the brokers good deals in order to get their business.
My husband and I are trying to refinance our mortgage at a lower rate. We tried to do it through the bank, and the bank strung us along for six months and then rejected our application because we were still being current with our payments. Last week we contacted a mortgage brokerage firm which sent out an agent almost immediately. After looking over the documents we gave him, he told us right then and there that he would be able to get us a loan that would reduce our interest rate from 6.25% to 4.32%. That means we’ll be able to save $159,000 over the remaining 26 years of our loan. Right then and there he got the wheels rolling.
The appraisers were here last night, and we’ve yet to see if we actually get our refinance, but our broker has assured us that we will. In fact, he told us that if we wanted to go with the same bank we have our current mortgage with, he could get us the reduced rates through them. Of course, we would prefer not to continue working with an institution that won’t help its customers any better than that bank helped us. A mortgage broker in Madison, WI or elsewhere can do a great job for you.
By John Hester