A bank can only offer so many options for home loans. They have shareholders to consider, so flexibility is limited. Getting a loan after a foreclosure from a bank, for example, is not possible for years after the fact. There are programs and lender products that can accommodate people who have experienced a foreclosure, they will just not be available at the local bank. A mortgage broker can provide more options among all the programs available, with new mortgage products introduced on a regular basis. That can make the difference between getting approved for a mortgage, or not.
Another advantage is availability, depending on the mortgage broker or lender chosen. Bank loan officers are available during regular banking hours. They are dedicated to answering questions, and can be very helpful, when they are available. Loan officers also handle every type of loan that bank offers. That means they will be working with people seeking vehicle, business, and personal loans. That limits their focus as well as availability. Top mortgage brokers are available to clients seven days a week to answer questions, reduce stress, and help people through each step of the process. Mortgage Broker Chad Baker, for example, has created software that automatically sends buyers Email notifications at milestones during the mortgage loan approval process. That is one of the reasons Chad Baker Reviews indicate he is among the top one percent of successful mortgage brokers in the US.
The steps for home financing with a mortgage broker begins with reviewing finances, and discussing short and long term goals for a home purchase. That will be helpful for the pre-approval stage. Once that is done, the purchase stage begins. That has a few steps. The first is the offer for a home being accepted. Loan disclosure is next, followed by underwriting and final loan approval. The closing disclosure step indicates what the interest will be, and the amount for monthly payments.
Loan documents are signed, and the funding is available for the closing on the house. The process for refinancing a home follows the same steps. Some people may still want to seek a mortgage loan from a bank, and it is wise to keep all available options open. Before taking out a mortgage anywhere, consider all the possibilities, compare products and programs, and ensure the final loan has the best interest rate and conditions.