Using A Mortgage Broker Atlanta For Your First Mortgage

mortgage broker atlanta

Using a mortgage broker Atlanta for your first mortgage is a good step to take because, as a novice in the mortgage lending industry, you basically don’t have all it takes to obtain the best loan by yourself. 

Using a mortgage broker also comes in handy if you don’t have a decent feeling about the loan terms and offer that your current bank is providing.

If you are seeking to use a mortgage broker Atlanta, it is imperative that you, first of all, to do your research. 

Mortgage brokers do not just present you with a list of loan offers that are available on the market. As a borrower, you can have a mortgage broker carry out vital responsibilities for you, ranging from loan application to underwriting and then closing, to ensure that the loan is secured to closing the deal on time.

A mortgage broker Atlanta will make your first mortgage process hassle-free and easier by providing you with different mortgage products from various lenders. Also, guiding you through the loan application.

With a myriad of loan lenders to make a pick from, you will find using the service of a mortgage broker in Atlanta helpful.

Who is A Mortgage Broker?

A mortgage broker is a competent financial expert with a license to work as the middle-man between lenders and borrowers. The act of being an intermediary comes with the work of a mortgage broker asides from other financial duties.

A mortgage broker discerns different loan offers that suit the needs of the borrower, then comes up with rates and terms to back up the loan according to lenders’ policies.

For first time borrowers, working with an Atlanta mortgage broker takes the stress off of you, compared to when you have to go through the stress of acquiring the loan alone.

What Are The Duties Of A Mortgage Broker Atlanta?

A mortgage broker essentially stands between the borrower and a group of lenders. The following are some of the duties of a mortgage broker:

  • A Broker Prioritizes Your Interest:

For borrowers, a mortgage broker would come to know your needs and work out a loan towards meeting that need. Most of the time, you don’t get what suits you as a borrower from loan officers because of the loan restriction as a result of them not being able to work with other lenders to provide different mortgage products.

With a mortgage broker in Atlanta, you can have your need met by getting what suits you, choosing from a variety of loan offers.

  • A Broker Educates You On How Different Loans Operate:

As a first time borrower with no idea about rates and fees attached to loan procurement, you will find insightful information helpful. Instead of paying more to hire a real estate agent to do the rate analysis, you can have a mortgage broker in Atlanta do the breakdown for you.

Educating you on loans also involves guiding you through the process by explaining in detail how each and every loan operates, the interest rate attached, plus the requirements to gain approval.

Usually, when you go for a direct loan from your bank, you must hire the service of a real estate agent to carry out the current market analysis. This process is easily shunted when working with a broker. Once you get all the financial education on how different loans operate, you can then proceed to opt for the one that suits your needs.

  • They Save You Time And Money

A mortgage broker will help you apply for a loan, having come to an agreement by taking you through the process of underwriting and verification of your employment information. Sometimes, a mortgage broker may successfully get the lender to overlook some fees, which would have been a must-pay if you had gone directly to the bank.

  • You Get To Choose From Different Mortgage Products

Mortgage brokers make sure that everything is in place by working with the right persons that would be involved in ensuring that the loan process is free from problems. They work with real estate agents, closing and underwriting agents to ensure that there is no delay in the closing time of the loan.

What Are the Types Of Mortgage Broker You can find in Atlanta?

There are generally three types of mortgage brokers in Atlanta that you will possibly come across:

  1. The Tied Mortgage Brokers: They work with you as a borrower only as a recommendation from your bank (they only offer loans from one lender). They are tied to one lender.
  1. The Multi-Tied Mortgage Brokers: They work with a group of lenders and offer various mortgage products from individual lenders. Unlike the tied brokers, they have a range of loans to offer, but they are similarly tied ( to multiple lenders).
  1. The Independent Mortgage Brokers: As their name implies, they aren’t tied to any lender as they independently study the market for loans that will suit you as a borrower.

Choosing A Mortgage Broker Atlanta?

As a first-time borrower, it is recommended that you begin the search for a broker as soon as possible.

  • Get Referrals from family and friends:

Start by getting across to your bank to see if you can get a referral to a mortgage broker. In most cases, bank-recommended brokers are tied, brokers. Ask friends and family for referrals.

  • Examine Your Options:

Having gotten a list of mortgage brokers in Atlanta from referrals, meticulously inspect the license of the brokers to see if respective persons are licensed to work. This will save you from the danger of working with an illegally-operating broker.

  • Be Inquisitive:

Don’t be ashamed to ask questions- a lot of them. Make a list of questions to ask potential brokers. Questions like;

  1. Who will you work with?
  2. Do you offer a range of loans?
  3. What are my chances of nailing a mortgage product?
  4. Are there included costs?
  5. What and how do you charge?
  6. What is the duration for each loan?

Ps: If you are undecided about which broker to choose, you can contact Atlanta Mortgage Brokers to help with your mortgage.

Advantages Of Using A Mortgage Broker Atlanta

  • Gain access to a range of loans
  • Beneficial loans are easy to identify
  • They offer information as per the chances of getting a loan approval
  • They help manage loan and reduce extra mortgage fees

Disadvantages Of Using A Mortgage Broker Atlanta

  • Broker fee may not go down well with your wallet (usually 1% to 2 % of the loan)
  • Loan offer and terms differ and are subject to changes with time
  • Broker’s service may be biased, based on the relationship with the borrower