Texas Hard Money Lender: Texas Mortgage Broker vs. Bank: What are the Benefits of a Broker?

Sunday, September 20, 2015

Texas Mortgage Broker vs. Bank: What are the Benefits of a Broker?

: Trust Deed Investing, Texas Mortgage Broker

If you’re not what they would call “real estate savvy,” you probably don’t even know the difference between different types of home loans and the people and institutions that offer them. Not to worry. You’re starting at a good place. Here are a few differences between Texas mortgage brokers and banks and the services they can offer to you in your time of need.

1. Texas Mortgage Brokers know the ins and outs of the home market. Banks know how to do loans. Both of these can be advantageous, but ultimately, you want someone who knows about a broader scope than just the financial part of things. Your broker can tell you about resale value, neighborhoods, etc.

2. Your Texas Mortgage broker will shop around and compare rates. Your bank will not. Your bank is going to give you the rate they offer—which makes sense…why would they shop around for you? Brokers do a lot of comparing and contrasting to bring you the best deals.

3. Sometimes brokers require extra fees. Sometimes the lender pays these fees, but sometimes the borrower has to. Watch out for this. The bank won’t typically charge you any other fees for their services (that’s all wrapped into the loan), but sometimes brokers will.

How Do I Know Which Texas Mortgage Broker is Best For Me?

: Texas Mortgage Broker Home Loan

Simply put, do your research. Really, you can’t just walk into this blindly…you need to find the right Arizona mortgage broker to help you in your specific and unique situation. You have a different knowledge base, financial circumstance, and desire for the home you are looking to buy. You need to find a broker who is on the same page as you.

Weigh the pros and cons of getting a Texas mortgage broker instead of going directly to a bank for your home loan.

Brokers aren't right for every situation, and neither are banks. Find a broker you can relate to, that takes an interest in your situation, and most importantly, is experienced enough to know the market and get you the absolute best value and deal on your home. What are you waiting for? Find the Texas mortgage broker who is right for you today!