Have you noticed? Independent mortgage brokers are back in a big way. In the first quarter of 2019, independent mortgage brokers have secured 14.1 percent market share — the strongest presence in a single quarter in over a decade, according to recent reports.

Why are more and more buyers choosing to partner with a local mortgage broker?

THE BROKER ADVANTAGE

In this competitive housing market with fewer homes for sale, fluctuating rates and higher home prices, you may think sending your buyers to a big bank or online mega retail lender for their mortgage is the fastest and easiest option. But in reality, an independent mortgage broker is by far the best choice.

First, mortgage brokers don’t work typical banker’s hours. Mortgage brokers realize that purchasing a home is likely one of the most important decisions a person makes in their financial life and can’t always be done between the hours of nine to five. And online lending apps? Sure, the apps themselves are accessible at all hours, but there’s nothing convenient about being left on your own without an expert to guide you through every step along the way.

Plus, big banks can’t provide the options mortgage brokers can. They are limited to their own in-house mortgage products, which may not fit every buyer’s needs, inconsistent turn times and historically slow processes. Mortgage brokers inherently have access to more loan product options, better rates and faster turn times – all of which help get you and your buyers to the closing table sooner.

MORE REASONS TO PARTNER WITH A MORTGAGE BROKER

They are mortgage experts. Independent mortgage brokers specialize in one thing — mortgages. They are required to pass both a state and national exam to earn their license to originate loans in their respective state, as well as complete continuing education each year. Since mortgage brokers are licensed professionals with vast knowledge of the industry and current market trends and regulations, they have the ability offer your buyers the best loan possible for their circumstance, which leads to repeat business and referrals for you.

They are fast and accessible. Independent mortgage brokers are entrepreneurs who thrive beyond the 9-to-5 schedule and don’t look at you or your client as one transaction; they look to build a long-lasting relationship and go the extra mile to grow their business, too. You can be confident when you write a 30-day or less purchase agreement that an independent mortgage broker will close the loan on time — usually in 15 days or less — and that means you get paid faster.

They offer lower rates. When getting a mortgage, buyers are usually concerned with two things — their interest rate and monthly mortgage payment. Independent mortgage brokers have the ability to shop dozens of lenders and have access to hundreds of loan products and wholesale rates. This key advantage allows mortgage brokers to pass along those options and savings to every buyer, helping them to secure a low monthly payment.

For these reasons and more, the mortgage broker comeback is here and this is only the beginning. By partnering with a mortgage broker, you can give your buyers a faster, smoother loan process, lower rates and more buying power.

With these benefits, every real estate professional should get behind the mortgage broker comeback. Unsure where to start? Visit FindAMortgageBroker.com to learn more about the advantages of partnering with an independent mortgage broker.

About the Author

Related Articles

NAR: Nantucket and Martha’s Vineyard have largest share of vacation properties

Prices for vacation homes are rising faster than the rest of the market, the National Association of Realtors said in a report on Thursday. The median sales price rose 36% from 2013 to 2018. The report also listed the top 26 vacation home areas. Massachusetts snagged the top two spots.

Oct 11, 2019 By

Most Popular Articles

Housing market flashing recession signal

The housing market is signaling there will be an economic recession by the 2020 election, according to Benn Steil, director of international economics at the Council on Foreign Relations. “When income fails to keep pace with home prices, the latter must fall back,” the post said. “Falling home prices, in turn, drive down household spending.”

Oct 11, 2019 By

Latest Articles

Pennsylvania sues rent-to-own operator Vision Property Management for preying on low-income renters

Vision Property Management has already run into trouble in Wisconsin and New York, with each state claiming that the company’s rent-to-own business model is actually a scam designed to prey on low-income individuals who want to buy a home. And now, the company has another state to deal with: Pennsylvania.

Oct 11, 2019 By