In the old days, in order to get a mortgage most banks required a large down payment, squeaky clean credit, and tedious employment and asset verifications. Now days, mortgage brokers can access programs from dozens of mortgage banks to find the program that best fits your needs.
In today's ever changing mortgage market a mortgage broker will have more access to the newest and most aggressive lenders and mortgage programs. Your local ask normally does not utilize these programs and instead sticks to the lower risk programs in order to protect there investment.
If you have credit issues or low credit scores a mortgage broker can save you thousands. Many traditional banks see bankruptcies or collection accounts as road blocks. To a mortgage broker they are only a hurdle.
Access to wholesale mortgage lenders means access to wholesale rates: A mortgage broker can often structure a loan to cost significantly less than the same loan through a traditional retail bank.
If you want to buy a home with little or no money down you should consider the services of a mortgage broker who specializes in 100% financing. These loans are available for both high and low credit scores so be sure to ask your mortgage professional to see you qualify.
Self-employed borrowers were for a long time considered too risky for traditional banks. A mortgage broker knows how to properly structure a loan for a self-employed borrower. Ask your preferred mortgage professional about loan options for the self-employed including full income documentation loans, lite documentation loans, and stated documentation loans.
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