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Connecticut Mortgage: What You Should Look For In A Loan Originator

The mortgage industry can be very tricky especially when it is your first-time home buying or refinancing. One of the more important things that you have control over is who you are working with.

During the process, in most cases, you will need a real-estate agent, an attorney, and unless you are buying in cash you will need a loan officer. A lot of the time you may have a connection with a family member or friend in the industry that can help fill one of these positions and in other cases you will have to search for them on your own. Being a loan officer with 5 years experience in the industry and a history of working with a big corporate lender and as a broker I want to take the time to show you some of the benefits of working with a broker like myself!

 

  1. The biggest advantage of working with a broker is having fast access to a wider variety of home loan options. Just look at Netflix, Spotify, and the entire world of online shopping – consumers today expect easy access to numerous options, whether its watching movies, listening to music, or getting a home loan.  I can provide you with man easy to understand loan options.

  2. Since mortgage brokers have these partnerships with multiple wholesale lenders, they can focus on finding the best product for your needs, rather than trying to sell specific loans from a single company.

  3. When you work with a mortgage lender, your loan choices will typically be limited to their product offerings. For example, lets say you are a first-time home buyer and you do not have a lot of cash for a down payment. You know that the FHA insures loans that offer low down payments (as low as 3.5%, in fact). But, the mortgage company you are working with is not an FHA-approved lender and therefore, does not offer that financing option. By contrast, if you were working with a mortgage broker (like me), he or she could help you find an FHA loan through one of the several wholesale mortgage companies with whom they are partnered. Likewise, if you are not quite sure what type of loan would be best for your situation, a good mortgage broker can look at your financial qualifications, discuss your homeownership goals and make recommendations based on a wider representation of what is available in today’s marketplace.

  4. Working with a mortgage broker is similar to shopping online vs in person. When you shop in person, your choices of what to buy are limited to the inventory of each shop you visit. That means if you are in need of something unique, it can take a lot of time to find what you are looking for. However, when you shop online, you can simply type in whatever it is you want to buy, and your search engine will provide you with multiple options across numerous web retailers. This can help you uncover hard-to-find products in a much shorter period of time. This is similar to what mortgage brokers can do for hopeful home buyers who may have unusual or difficult circumstances.

If you are looking to simply inquire about the industry or if you are looking to get pre-approved feel free to reach out to me today as I would love to have the opportunity to be your loan officer!

 

Thanks,

 

aburke

Andrew Burke
aburke@northeast-mortgage.com
Cell: 203-209-0324
NMLS: 1271085/ Company NMLS: 117273