So, the time has come for you to choose a mortgage broker or a bank to assist you with financing. You’re probably confused on whether or not you should go to your local bank or choose an exclusive broker who can create an individualized experience for you. Rest assured, a mortgage broker is a much better option than choosing your banking institution.

Before we get into the details let’s be clear about the difference between a mortgage broker and a banking institution. A mortgage broker is a licensed professional who has real estate, financing or mortgage experience. They’ve honed in on their expertise and have access to more resources than banks.

Financial institutions such as banks, on the other hand, depend on their partnerships to secure mortgage financing. Now, there’s a level of dependability most people feel when going through their bank mostly because they’ve likely banked with the same institution for years and years.

Although a bank can be a good option, when you’re looking for a specific need, have low credit, tricky financial situations and need a true expert (not customer service or a regular banker) to aid you in securing a mortgage loan then hands down, a mortgage broker is the best way to go.

Here are 3 reasons you should choose a mortgage broker:

Access to Exclusive Programs and Options

What a mortgage broker basically does is shopping you around the loan companies. Of course, they’ll present you in the best light possible to help you secure the best financing option.

Brokers have access to other programs and connections that banks simply don’t have. Consider all the contacts a mortgage broker has, how many times they’ve gone through this process with other clients and their expertise especially if they’ve been practicing for over a decade.

Mortgage brokers can provide a feeling of safety, security, and expertise. While they shop you around to find the best option for you as an individual you won’t have to worry about getting rejected or declined.

See, a mortgage broker will tell you in advance if they need to recommend that you work on your credit 1st. Even then, your broker may still be able to secure your loan through their multiple partnerships and network.

Trusted Personnel Instead of an Entire Institution

One thing that most people don’t think about when going to their bank for a loan is the fact that the person they’re going to (unless it’s a broker) probably doesn’t have the expertise to help you secure the best option. Sure, the banks have policies, and procedures they adhere to but most of the time you’ll be working with a regular banker or customer service.

Not to discredit banks, but finding the best mortgage financing is probably the most important decision you’ll make in your life (or at least one of them anyway)

Can Assist in Multiple Areas (including credit help + business financing)

Mortgage Brokers typically have an extended history of working in the financing industry. They know the ins and outs of all things mortgage loans as well as understanding the steps that are required if you want to obtain a small business loan, need special financing or have any other general questions that a bank teller or banker would not have insight on.

These professionals spend their entire career studying and getting their hands dirty inside the finance industry. If you’re looking for a professional to assist you with more than just your mortgage loan a mortgage broker is the way to go.

Before meeting with a mortgage broker be sure to bring your recent pay stubs, other loan statements, tax returns, banking information and have your budget mapped out in your head so that your first meeting can be as productive as possible.

To get in contact with a premium Mortgage Broker in the LA area contact us now: (858) 324-1951

Keith McLaurin | Licensed Commercial Broker ID#01190109 / NMLS#1209195