I have been frequently asked over the years what a mortgage broker is and what are the reasons I should work with one. As many of you know, I have proudly been a mortgage broker for 40 years, so I am happy to answer those questions.

A Personal Shopper for Your Mortgage Needs

For most people, a home is the biggest purchase they will ever make. So, finding the right person to help you with the mortgage process is important. Mortgage brokers can be a helpful tool when it comes to buying a house. They basically serve as your personal shopper for your mortgage. They will guide you through the entire process from preapproval to applying for a mortgage, submitting the correct paperwork, choosing a mortgage option that makes the most sense for you, and getting your mortgage done in plenty of time for closing. And our job is not done even when the loan closes. If you have any questions after closing, we are still here to help.

Your Mortgage Broker Can Get to Know You

Mortgage brokers tend to be small “mom-and-pop” shops embedded in the local market. Often, the owner is your mortgage loan originator. They live and work in the area where you will be buying a home. Since many mortgage brokers are local small companies, you will not get passed around to different people each time you call. It will probably be the same two or maybe three people that you talk to throughout the process. They will spend a lot of time getting to know you, ensuring you understand the process and are making educated decisions.

A Mortgage Broker Can Find the Best Rate and Program for You

Mortgage brokers work with a variety of lenders. Rather than filling out several applications with different lenders to shop for rates and programs, the mortgage broker does that for you. Consequently, I have found that my rates are consistently excellent. Unlike a bank that has one set of rates, we are your personal shopper.

The mortgage broker industry started in 1986 when lenders like Goldome, Dominion Federal, and Dominion Bankshares decided they were tired of having loan officers, branch managers, and multiple offices. (if those names are familiar to you, then you are old!) Instead, they would work with brokers who would originate, process the loans, and prepare them for closing. They would provide wholesale rates to the mortgage brokers and then fund the loans.

I think the fact that mortgage brokers still exist and are thriving is a testament to the industry. The system works for the brokers, the lenders, and the clients. If you have any questions about mortgages or want to explore buying or refinancing a home, please contact me, and I will be happy to help.