When you go to buy a car, do you go to the car lot, walk up to the first car you see, read the sticker, kick the tires and buy it? No, you don’t. So why would you go to the bank – even if it’s the bank where you have your checking and/or savings account – and accept the first mortgage loan they offer you? You want to check out your options on cars, so you should check out your options on home loans as well.

The best way to have access to more loan options that best fit your financial needs is to use an Independent Mortgage Broker, like Grandview Lending in Indianapolis. Why should you use an Independent Mortgage Broker? Because they work for you and your best interests – not their own best interests.

Still not sure? Here are 7 reasons why you should use a local Mortgage Broker instead of a bank to obtain a mortgage loan.

1. Mortgage Brokers are often small local businesses – not mega banks or big corporations. As a local business, they’ll know the area you’re looking to purchase a home in better, so they may be able to offer loan options, like a USDA Rural Development Single Family Housing Guaranteed Loan Program, based on that knowledge.
2. Mortgage Brokers only handle mortgages, so they know all the ins and outs about various home loans. Bank employees also offer checking and savings accounts, credit card accounts, car loans, business financial services and investment planning. Therefore, bank employees may be poorly trained on the various mortgage programs available to borrowers, because they’re so busy handling a variety of other banking services.
3. Mortgage Brokers are like having your own personal shopper for mortgage loans. They’ll look at lots of different loan options based on YOUR individual needs (such as Conventional, FHA, HomeReady, etc.) – giving you choices to choose from. When you have choices, that sets up competition between lenders, so that’s good for you. When you go to the bank for a loan, they’re limited to only offering you their own loan products.
4. Mortgage Brokers can offer you lower wholesale interest rates – saving you money. Bank branches often offer higher retail rates.
5. Mortgage Brokers have more flexibility in the terms they offer. Banks offer fewer term options.
6. Mortgage Brokers typically don’t advertise on TV, whereas banks do. Advertising costs are ultimately passed onto consumers by banks (often recouped through the various fees they charge).
7. Mortgage Brokers are required to be state licensed, but banks don’t have to be.

So if you’re looking for an advocate for YOU who gives you loan solutions based on your unique financial situation, location, timeline and other factors, a Mortgage Broker is your best option – not a salesperson who works for a bank that’s only interested in promoting their loan products. In the long run, a Mortgage Broker can find you a better mortgage solution that will save you time, frustration and, more importantly, money off of your monthly payment (sometimes as much as $20, $50 or even $100 in monthly savings).

Buying a home is likely the biggest purchase you’ll make in your life, so don’t settle for the first loan offer that comes along from your bank. Get an expert, like the Independent Mortgage Broker specialists at Grandview Lending, to shop on your behalf. Contact them today to get the ball rolling and to find the RIGHT solution for YOUR needs.

Photo credit: 123RF/Oleg Dudko