Homebuyers and homeowners in Ohio have two options when shopping for a mortgage for home purchase or refinance: they can either go through a mortgage lender, or a mortgage broker.
Choosing a mortgage broker rather than a direct lender offers a number of significant advantages. Let’s go over the key benefits. But first, we will explain the difference between a mortgage broker and a mortgage lender.
Mortgage Broker vs. Mortgage Lender: What is the Difference?
A mortgage lender is a company that directly originate a loan for a borrower. A mortgage broker, on the other hand, is a third party company that connects a borrower with a lender.
It might seem counterintuitive to deliberately decide to work with a company that acts as a middleman. But it can result in a smoother, more enjoyable, and more successful mortgage experience. Here is why.
- A larger selection of mortgage products. First of all, when you are working with a mortgage lender directly, the only types of home loans you can apply for are whichever ones they happen to offer. But a mortgage broker has connections throughout the Ohio region to numerous lenders, each with their own selections of lending products. That means that you can access all of those different types of mortgages. That extra flexibility helps you find the type of home loan that is best suited to your individual scenario.
- Save time and legwork. The old-fashioned approach to shopping for a home loan requires you to contact each individual lender on your own to request a quote. This process can take many hours. And by the end of it, you probably will still have only managed to request quotes from some of the area’s lenders, not all of them. Many homebuyers become burned out by this process, and the time and energy it takes away from the home search process. Working with an Ohio mortgage broker gives you a way to skip all of that hard work. Your broker reaches out to their network of lenders on your behalf to find you the most competitive rates. They can do all this more rapidly than you can, and can likely contact more lenders than you would have working by yourself. You get to avoid all of that stress, and concentrate on finding your dream home.
- Save money. Finally, perhaps the biggest advantage of going with a mortgage broker over a direct lender is the chance to save money. Since a mortgage broker can shop around to quickly bring you the most competitive rates—and sometimes some special deals you could not access on your own—you may save thousands of dollars on your home loan.
Contact Your Mortgage Broker Today!
Buy a Home or Refinance in Zanesville or Beyond If you are ready to work with a local mortgage broker that can connect you with a competitive home loan, please give us a call today at (740) 624-8091 to schedule your mortgage consultation. We can work with you in Zanesville or anywhere in Ohio.