- Untrue. Mortgage brokers are usually paid by the mortgage lender, such as a bank, monoline lender or credit union.
- Our focus is on finding the right mortgage for our clients, not based on how much we get paid.
2. You only need a mortgage broker if you have bad credit.
- With access to over 35 lenders with a variety of lending options, in most cases we can help anyone seeking a mortgage.
- Whether you have good or bad credit a mortgage broker will work with you to determine the best solution for your situation.
- A mortgage broker can help guide their clients to fix bad credit.
3. Your bank will get you the best rate, so you don’t need a broker.
- Unfortunately, even being a long time loyal customer the banks don’t always offer you their best rate.
- A bank can only offer you their own mortgage products.
- A mortgage broker can offer you a variety of mortgage products from a variety of lenders. They will find you the best mortgage product for your situation, at the best rate available.
4. Applying to many lenders will destroy my credit.
- While it is true that multiple credit inquiries in a short period of time can drop your credit score, that is not true when you work with a mortgage broker.
- A mortgage broker can apply to multiple lenders with just one credit inquiry.
- Shopping to 4 banks on your own would mean 4 applications and 4 credit inquiries.
5. It’s not safe to work with a broker, in case they go out of business.
- Your actual mortgage will be issued by a lender, not the broker.
- If the broker did go out of business, your mortgage would be unharmed.
- But we aren’t going anywhere for a very long time!!