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10 Reasons Why You Need A New Jersey Mortgage Broker

Whether you are buying a new home to live in or an investment property, you will find that working with a New Jersey mortgage broker is a great move. In fact, here are 10 reasons why you should work with a mortgage broker over going straight to the banks for your financing:

1. A brokerage firm will work on your behalf to shop your deal around, and this means that you don’t have to waste your valuable time calling all of the banks and lenders yourself.
2. By shopping around on your behalf, a mortgage broker will present you with several different loan options. You can easily compare these side by side to choose the right combination for interest rate, loan term, amortization, and fees that are best suited for you and your needs. Many will even prepare a spreadsheet or some other easy to read format for you to more easily do this comparison.
3. These are professionals who truly have a pulse on the financial industry, and so they know exactly who to contact to get the best rates and terms possible for your unique financing request. When you shop around on your own, you run the risk of overlooking those lenders and banks who may have the best deal around for you. This could end up costing you a great deal of money over the long run.
4.These professionals are often not paid until your loan actually closes, so you have either an individual or a whole team of financial experts who are dedicated to achieving the same goal you have, and that is to get your loan closed.
5. A New Jersey mortgage broker is a professional who spends each and every work day working with the banks and lenders, and he or she has developed a great working rapport with these institutions that you likely do not have yourself. These relationships can often be used when necessary to move your loan request to the front of the line for review if there is a time crunch or to get your loan request a closer look for other special circumstances, too.
6.Such professionals are experts at spotting possible red flags in your loan request, and they can pinpoint these issues before you walk through a lengthy loan process. This can help your entire loan request and purchase or refinance transaction proceed much more smoothly and ultimately can help you to get the end result that you want – a closed loan.
7.Because these financial professionals are working on your behalf, they can keep the ball rolling on your loan request even when your busy life makes it difficult for you to do so yourself. These are professionals who make follow up calls to you when necessary in case you overlooked providing some documentation, and they also act as a liaison with other professionals involved in the transaction like title or escrow companies, appraisal companies, property inspectors, real estate agents, and others to ensure that the entire transactions moves along in a timely manner.
8.Because a mortgage broker is essentially your private mortgage consultant, you have a trusted professional working in your corner who can answer all of the questions you have along the way. The loan process is not something most people will go through more than a handful of times in their lives, and so it is understandable that you would have questions and concerns. Your broker can keep you informed and educated throughout the process.
9.Before you even get to the closing table to sign the papers, you generally can rest assured that all of the numbers on the closing statement will be correct because your mortgage professional will review and double check all of the figures to ensure there are no last minute surprises.
10. You can structure the loan so that the bank pays all of your fees, making it free to you to enjoy all of these great benefits of working with a New Jersey mortgage broker!