In the past 20 years, independent mortgage brokers like me have had a significant positive impact on the lending industry. Today the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers like you.
A Home Mortgage Study by J.D. Power and Associates of more than 11,000 home mortgage customers ranked their experience with mortgage brokers more satisfied than those who obtained loans directly from lenders. Although slightly fewer than one-third of mortgage shoppers used a broker to help them find their current mortgage, those customers who did use a broker tend to be very satisfied with the lending experience, according to the study, released in November, 2004.
Among the consumers who responded to the survey, 29 percent indicate that they contacted a broker to help them find their current mortgage. Those customers who used a broker tend to be substantially more satisfied with the broker personnel compared with those who interfaced directly with the lender's personnel.
"Brokers appear to perform significantly better in meeting customer expectations," said Jeremy Bowler, director of the finance and insurance practice at J.D. Power and Associates. "Brokers are perhaps more dependent on customer referrals than the direct lenders. As a result, brokers may be more in tune with the cause and effect of customer satisfaction and advocacy."
As your mortgage broker, I will counsel you on the loans available from different lenders, take your application, and process the loan. A lender has only a small number of loan programs. This excludes many borrowers. As mortgage broker, I deal with hundreds of lenders. I can find the lenders who specialize in various market niches that many other lenders avoid, such as loans to applicants with poor credit ratings, loans to borrowers who do not intend to occupy the property, loans with minimal or no down payment, and so on.
Unless you are a very astute shopper who is willing to contact hundreds of lenders and enjoys devoting a lot of time to the task of evaluating different mortgage programs, you will probably do better dealing with a mortgage broker. Mortgage brokers do not add any net cost to the lending process, because they perform functions that would otherwise have to be done by employees of the lender. Furthermore, because mortgage brokers deal with multiple lenders -- in a typical case, 25 to 30, sometimes more -- they can shop for the best terms available on any given day. Lightning Mortgage deals with over 130 lenders.
A mortgage broker is an independent real estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to "Wholesale Lending Sources." As your mortgage broker I'll combine my professional expertise with direct access to hundreds of loan products. This is how I provide the most efficient way to obtain financing tailored to your specific financial goals.
In the volatile home-lending market, I can serve as your personal financial "policeman," offering you security, safety, and peace of mind. One of my most important functions is escorting your loan application through the entire process, constantly patrolling the component transactions for possible breakdowns. I do this by wading through the mountains of rate data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options. See this List of Potential Pitfalls we navigate through.
There are literally thousands of variables that can affect the outcome of your mortgage transaction. That's why you need a mortgage broker like me to act as liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may effect your transaction. I will also:
Your next question may be how to choose which mortgage broker to use? Do you use the one closest to your neighborhood or do you choose one based on they way they work?
Find the answer to the Why Choose Us? question.
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