Rob Koellner
Mortgage Advisor
Excel Financial Group, LLC

When you begin your search for a new home or refinance, one of the first things to consider is where you'll get the money. One of the best choices you can make is speaking with a mortgage broker.

Your first instinct may be to go with your local banker, because you know them from doing business with them for other things, such as you?re checking and saving accounts. But you've probably also heard that Mortgage Brokers can get you a better interest rate, since they deal with many lending sources. Mortgage Brokers are given rate sheets by their investors / institutions, telling them what interest rates they can quote to their clients on any given day. The broker?s responsibility is to get the borrower the best rate and program possible that meets borrowers credit profile. Mortgage Brokers get paid the same regardless of where the money comes from, so there is no monetary incentive to use one investor over another. Mortgage Brokers only get paid if a loan closes, so it is in the broker?s best interest to chose the best investor for the borrower. There's only so much a bank can do, with regard to interest rates, because it needs to remain profitable in order to stay in business and it must adhere to its own guidelines.

Mortgage brokers have an advantage! They are not loaning their own money, and are free to shop your loan around for the best terms from various lending sources. Since they have many sources to choose from, they can often find loans at lower rates than most banks.

REASONS TO WORK WITH A MORTGAGE BROKER

• Flexibility
• More underwriting options
• Speed
• Rate
• Cost