Buying a home is an exciting time and probably the biggest and most important investment you will ever make in your life. Many factors come into play when buying a home, including securing a mortgage.
Many homebuyers may automatically turn to their bank or financial institution to get a mortgage on the home they want to buy from the “home mortgage agency”(which is also known as agencia hipotecaria in the Spanish language). What many of these people may not know is that banks tend to offer them only one rate with specific terms for their home loan.
It would be beneficial for these homebuyers to work with an independent mortgage broker who almost guarantees lower interest rates than the banks offer. Mortgage brokers are professionals trained in home mortgages, equity loans, and other financial products.
They familiarize themselves with the financial situation of their customers and try to find a mortgage that meets their specific and individual needs. Independent mortgage brokers are not employees of large financial institutions, so they are not limited in the interest rates and products they can offer their clients.
Independent mortgage professionals know many lenders with whom they have a relationship and deal regularly. All you have to do is fill out an application, which is then sent by your mortgage broker to all lenders to maximize your chances of getting mortgage financing.