A quick, easy home-buying experience is a top priority for real estate agents who want to delight their clients and receive referral business. To that end, agents have designed their businesses to deliver whatever their clients need, whenever they need it. But when it comes to the mortgage part of the equation, agents have little control over the timeline and often feel the fallout from a slow, tedious process.
Fortunately, there is a remedy. To reduce time to close, real estate professionals are turning to independent mortgage brokers in record numbers and seeing results that make borrowers happy and ready to refer.
Over the last two years, the average time to close a home purchase loan has ranged between 40 days and 49, clocking in at 46 days in September 2019. Independent mortgage brokers, however, get to work with wholesale mortgage lenders that compete for faster closings – and consistently close in 15 days or less. That’s right, 15 days or less. And when every day that passes feels like forever to a borrower, that is a huge deal.
In fact, no matter what kind of homebuyer you are trying to help, mortgage brokers are primed to be agile. Instead of offering a set number of limited loan products like a loan officer at a bank or online retail lender, a mortgage broker can find the right fit for your buyer in loan size, down payment, credit score and more. Instead of wasting time shopping different lenders to find the best retail rate themselves, buyers can benefit from a broker’s exclusive access to lower wholesale rates.
In addition, independent mortgage brokers are entrepreneurs who rely on providing great customer service to grow their business. Unlike loan officers at large financial institutions or the people who answer the phone at a faceless call center, mortgage brokers are embedded in their local community and count on third-party reviews to attract borrowers and real estate partners.
Mortgage brokers make great partners for real estate professionals because they are aligned with their goal of building relationships with consumers for the long term. Both agents and mortgage brokers are experts at the local level, and both get compensated on closed transactions. Like real estate agents, mortgage brokers are on-call for clients whether it’s Saturday morning or Wednesday night. And if problems come up during the loan process, agents and mortgage brokers can quickly communicate and solve any issues in a timely manner.
For agents focused on time-to-close and all other aspects of great customer service, choosing an independent mortgage broker is a smart option.
Looking to find a local mortgage broker near you? Visit FindAMortgageBroker.com to learn more about the advantages of working with a mortgage broker and how you can partner with one today.