Benefits of using a Mortgage Broker
Buying a house or refinancing in today’s market is challenging at best and extremely tricky. Using a mortgage broker is your best opportunity to get the right mortgage at the right price.
Benefit #1 - In July 2008, Congress passed the Secure and Fair Enforcement Act (SAFE) requiring all mortgage brokers and state-licensed mortgage originators take 20 hours of mandatory pre-licensing education, pass a federal test and a state test in each state they are licensed in, 8 hours of continuing education each year and be fingerprinted for FBI criminal background checks.
Benefit #2 – Originators working for a federally or state chartered banks are EXEMPT FROM ANY EDUCATION AND TESTING! Working with a mortgage broker you will know they had to pass rigorous tests and background checks.
Benefit #3 - Mortgage brokers are professionals. We only sell one thing – MORTGAGES! Because we focus 100% of our time on one professional service, we do it better than any other lending institution. It's all we do! Because it is the only service we offer, we are the experts in the mortgage industry. Mortgage brokers are professionals who have spent years training to become experts in mortgages.
Benefit #4 – Mortgage brokers are the cheapest channel for consumers to find financing. Because mortgage brokers work with many different lenders, they can shop for the most competitive rates on any given day. Brokers offer many rate and program options which are not available to banks.
Benefit #5 – Mortgage brokers are always accessible. We don’t work "banker’s hours." We are there when you need us the most, evenings and weekends. Try calling your banker on Sunday afternoon from an open house!
Benefit #6 – Mortgage Brokers are independent. We don’t steer to any one particular lender. We offer unbiased advice. Lenders try to arrange your mortgage exclusively with them, usually at a higher cost. We are all privately owned, small businesses serving local communities. You can always get to the top person.
Benefit #7 – Mortgage Brokers have a network of other professionals. When you work with true mortgage professionals, you gain access to a host of other services. Whether you need legal or tax advice, mortgage professionals have an extensive network to better assist you when their services are needed.
Benefit #8 – Mortgage brokers are with you all the way – from application to closing. Brokers don’t just complete the form and turn it into the mortgage department. We work with you throughout the entire process.
Benefit #9 – Federal Law requires brokers to show all costs and credits. When you see a Good Faith Estimate (GFE) from a broker, you will see your costs as well as credits you may receive from a lender. Try getting a bank originator to tell you how much credit you will receive. Answer: NONE
Benefit #10 – Mortgage brokers care! We care about you and all the other parties to your transaction. We do everything within our power to be sure you get suitable financing for your unique circumstances. We care what you think of us and of how we do our job. Banks? Well, you can answer that for yourself.
The Connecticut Association of Mortgage Brokers’ mission is to advance the mortgage profession through advocacy, education and ethical practice.
Why Join CTAMB?
When you deal with a CTAMB member you are dealing with someone who has shown a sincere interest in their chosen profession.
- Our investment of time and resources
- Knowledgeable Mortgage Professionals
- Very supportive of new major Wholesalers and Lenders