Here’s a fact: Real estate professionals can benefit from partnering with independent mortgage brokers thanks to their fast turn times, flexibility and dedication to providing a great borrower experience. Another fact: Your buyers will benefit, too. Unfortunately, some real estate professionals hesitate to reach out to mortgage brokers based on myths and misunderstandings that only serve to rob them and their buyers of the advantages of such a partnership. We’ve rounded up and debunked three of these myths.
Myth 1: Mortgage brokers don’t have as much control as a direct retail lender
Actually, mortgage brokers have a great deal more control over their process and pipeline than their retail counterparts. Take loan options for example. While retail lenders are paid to push their own limited suite of products, independent mortgage brokers are free to shop multiple lenders to find the perfect loan option for your buyer — one that works best for them and their finances. Plus, these loan options come with lower, wholesale rates, which means your buyer will likely end up with a lower monthly payment.
Mortgage brokers are also in charge of their own schedules, which means more availability and accessibility to you and your buyers. Instead of sticking to “bankers hours” like traditional lenders, independent mortgage brokers can meet, speak or respond to texts whenever you need them and when it’s most convenient.
Myth 2: It’s easier to work with a big national lender than with a local mortgage broker
Look at it this way: Just like you, mortgage brokers are local entrepreneurs who are focused on building long-lasting relationships. The success of their business relies on providing you and your buyers with an easy, smooth and worry-free experience. And while big banks and online direct lenders often treat buyers as faceless transactions, independent mortgage brokers work closely with you and your buyer to deliver elite personal service that continues long after the loan closes.
Speaking of easy, by working with multiple lenders who compete with each other to deliver great service, independent mortgage brokers can close most loans in about 14 days or less. Compare that to the industry average of about 41 days.
Myth 3: Mortgage brokers are low tech
Mortgage brokers may be independent, but they aren’t alone. The wholesale lenders that compete for their business — along with a growing network of wholesale-focused organizations — provide cutting-edge technology that is often far beyond what retail lenders are able to offer.
Remember, a mortgage broker’s success depends on their ability to give your buyers a great experience, so they’re motivated to deliver technology that makes the mortgage process as simple and painless as possible. In fact, you get the best of both worlds: high-tech tools that go hand-in-hand with the personal guidance of a local mortgage expert.
Now that you know the myths, don’t let them keep you from delivering the best experience to your buyers. Partner with an independent mortgage broker today and enjoy the speed, convenience, flexibility and more that only they can deliver.
To learn more and to search for a mortgage broker partner near you, visit FindAMortgageBroker.com.