Working with a competent Atlanta mortgage broker can save you a tremendous amount of time when buying your dream home. Just imagine the amount of stress you may experience if you had to track down and compare hundreds of loan products to find the right home loan to suit your requirements! Not only time, in some cases the savings could add up to thousands of dollars. In fact, a mortgage broker in Atlanta can help you buy your dream home by finding a home loan with a low down payment and a lower interest rate. Here is why you need to work with a competent Atlanta mortgage broker when buying your dream home.
A mortgage broker is a middleman between the borrower and the lender. He or she has access to home loan products from multiple financial institutions and banks compared to a bank loan officer who only has access to mortgage products available at his/her own bank. The right broker should have a valid license from the licensing authority of the state. The federal licensing requirements state that the broker’s salary is never linked to the interest rate offered by the lender. In fact, working with a broker will not impact how much your loan would be. The broker can locate the best possible loan terms and conditions for the client. The professional will do the math and let the borrower know the loan amount he or she qualifies for. The broker will work with the client to find a loan program that fits his/her interest rate and needs. Don’t forget to do your homework when finding the best mortgage broker in Atlanta.
The most effective way a broker can save you money is by getting you a lower interest rate. Even a small difference in interest rates can equate to thousands of dollars in interest payments over time. The broker has direct links to key individuals within lending institutions in Atlanta. That way he or she will be able to negotiate with the lender in ways that you may not be able to do. It could mean anything from zero fees to discounted interest rates for your mortgage. Even though a borrower may think that he or she can negotiate a good deal with the lender, the broker can generally do it better.
A competent broker can leverage inside knowledge to get you the best possible mortgage loan. A professional and experienced broker has inside knowledge about quotas and the motivations of bankers. In fact, he or she can leverage this knowledge to your advantage. The most important thing is to know which lender to use at which time. Make sure you rely on a competent mortgage broker in Atlanta when buying your dream home.
Questions To Ask An Atlanta Mortgage Broker
It’s important that you ask the right questions from the potential mortgage broker before committing to any loan. From the right type of home loan for you to the unanticipated fees, the financial health of the next decade of your life can depend on the answers you get from the potential broker. Continue shopping for a competent mortgage broker until you find the right one in Atlanta. You should also remember that the more the potential broker knows about you, the better advice they can give you. You should share your personal information with the potential broker to get the best possible deal from him/her. Here are some questions to ask the potential broker before you choose the best Atlanta mortgage broker:
. Which type of loan is best for me?
. What are the interest rate and annual percentage rate of the loan?
. What is the down payment?
. What are the origination fees and discount points?
. What are the costs involved in the mortgage?
. Is it possible to get a loan rate lock?
. Is there a payment penalty?
. Can the lender approve loans in-house?
. Do you guarantee on-time closings?
. How much time do you need to fund?
How To Choose A Competent Mortgage Broker In Atlanta?
With hundreds of mortgage brokers operating in Atlanta, choosing a competent broker isn’t easy. Your extensive research plays a crucial part in choosing the right candidate for the job. If you have a friend or family member who has worked with a broker in the past, you may ask for referrals from them. Getting a referral from someone you trust is the best way to find a suitable broker in the area. If you are working with a realtor, you can ask him/her to recommend a good broker in the area. The internet is another good resource to find a reliable mortgage broker when buying your dream home in Atlanta. The broker should be licensed, experienced, reputable, and most of all, be your friend. You should be comfortable working with the individual. These are some of the most important things to consider when choosing a competent mortgage broker in Atlanta.