Real estate is a competitive industry, and that includes real estate lending. When you consider your mortgage possibilities, it seems there are so many options to choose from, all wanting your business. As with any service provider, you have your choice of who you want to work with and the number of options can seem overwhelming. Just like a great Realtor, a great mortgage broker can help clear the confusion and get you on track to homeownership. Even if you are not quite ready to buy, it is advantageous to speak with a mortgage broker to get set on a plan to make obtaining a loan possible.

When talking about lending options, there are reasons we speak about mortgage brokers specifically. Here are some reasons a mortgage broker may be a good fit for you.

1. A mortgage broker has access to different lenders. A mortgage broker can help you obtain a loan by matching you with one of several different lending sources. Depending on your personal lending criteria and profile, a great mortgage broker can find you the best interest rate and terms for your situation from a pool of lenders. Different lenders have different guidelines and a mortgage broker can save you time and money by connecting you with the right one from the beginning, making qualification easier and keep your personal information from going to too many places.

2. A mortgage broker gets paid when you close escrow on your home. If the deal falls through, that lender won’t be getting paid. The best brokers will do everything in their power (legally of course) to help you get your loan through. When you go to big banks or even many credit unions, the pay structure works differently. The employees of the bank typically get paid regardless of whether your loan goes through or not. There is a less personal incentive to making it work in these cases, making it less important to them personally.

3. A competent, experienced mortgage broker has seen a wide variety of cases and little will surprise them. If there is a problem, they will have a better shot at fixing it than someone who typically handles “slam dunk” loans.

4. They can get great rates. When rate shopping, let the broker know what you have found elsewhere and there is a chance they may be able to match it or do better.

5. More accountability. When you work with a mortgage broker, there is a face to the name and a specific person to call with any issues throughout the way. Many mortgage brokers will work weekends and after hours if necessary to help you. If there is a rush to a preapproval or a change in circumstance, a broker has the ability to be more flexible and work more within your timing. Escrows are very time sensitive and you want to be sure you can get ahold of your lender when you need to. Your “case” should not be getting passed around to multiple people (mortgage brokers do sometimes work within a “team” that will focus on your file) within an institution to find out what is going on.

The mortgage is a vital part of the homebuying equation that should not be taken lightly. The broker you choose serves a vital role and has the potential to make or break a deal. Pay special attention and care to find a qualified, ethical and experienced lender from the beginning to sidestep unnecessary heartache and frustration. When you are curled up on your couch with a cup of coffee in your new home, you will be glad you did.