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I get a lot of questions from new real estate investors asking “do I need a mortgage broker?” My answer to that always is yes. 👨💼👍
The reason why is, if you looking to get a mortgage you are going to have to go to a financial institution or a mortgage broker. 👀👨💼💲
When you go to a financial institution, they are going to give you the rates of that financial institution.
For example, when you go to a specific bank, the bank has its set rates. And those are the only rates that they are going to be able to give you on any mortgage. They might be able to give you a little bit of a percentage drop on the rates if you are a long-term customer. But the other thing is, if you are not a long-term customer, they might only be able to offer you a higher interest rate. So the terms will be based on their own products that the bank has to offer. 🏦💰📊⏳
When you are working with a mortgage broker, they will be able to go to several banks.
Most mortgage brokers have access to 10, 15, 20, 30 different lending institutions. What they will do is they will go out and they will look at your requirement. What are you buying? You are buying a fourplex in this area of town and you need financing. And so, what they do is they look at your credit rating and look at your credit score. And they see which banks will be able to provide you a mortgage and then they will go out and they will shop it around. It's like going shopping for anything, like shopping for a new car. But, instead of you going around from lot to lot, your mortgage broker will do that for you. 👨💼👀🏢👌
So, they will put in the application and they'll do that several times to several banks, and come back to you with what makes sense for you that’s the right fit. ⏳🏦👌
The result is that you will get a better mortgage. And by a better mortgage, I mean better terms and better interest rates. Something that represents your needs better than if you went to a single financial institution’s mortgage officer or loan officer. 👍👨💼👌💲
When working in real estate investing, make sure you are always working with a mortgage broker.
Even if you are looking at purchasing your own personal residence, I always recommend working with a mortgage broker. They are going to give you the most competitive price, the most competitive rates and the best deal that makes sense for you. 👀🏠💰👍🤝