How Does a Mortgage Broker Vs Lender stack up in the Home Buyer market?

If you are looking for a new mortgage broker, there are some important things that you need to consider. A mortgage broker is a mortgage lender that works directly with the mortgage company that you plan to use Mortgage Advice coalisland. This means that the broker’s job is to refer potential clients to the lender and make a commission off of the mortgage that they help close. The difference between the mortgage broker and lender is that the broker works on commission only when you purchase a home with their services. The lender on the other hand will make all of the deals, but will only charge you for a mortgage when you actually close the deal and sign the papers.

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Mortgage Broker Vs Lender stack up

So how does the mortgage broker stack up against a lender? On paper the mortgage broker should be much cheaper because they are not doing any of the work. However there are a few factors that can skew the cost of a mortgage broker vs a lender. One of these factors is the size of the lender. A large lender will always have a better price than a small lender.

Final Words

Another factor that can affect your broker cost is the size of the mortgage company that you are using. Larger mortgage companies will always cost more to work with than smaller ones simply because of the larger amount of business that they handle. Working with a broker that works with a very large lender can also give you a lot more options. You will have access to a loan that may not otherwise be available to you because a broker works directly with the mortgage company.