Ask your broker to show you the best Colorado mortgage rates.
Posted by maryparker on August 10th, 2013
A loan broker is a free source of information and work for you! So you should use him/her! If you are going to pay all the bank’s commissions, at least you will know that the bank paid for you in return! And it is very likely that your fees should lower. First of all, you should know that whatever a broker does, he/she does it for free. You do not have to pay for any services. Loan brokers are paid by banks. They have contracts with three, seven or ten banks and they are receiving commissions for each new customer they refer. When you need a loan, you should call a broker and he/she will recommend the most suitable products and Colorado mortgage rates for your needs.
The advantages a broker offers are many. First of all, a loan broker saves your time. Brokers offer advice anytime, anywhere, even at home or at work. You get free professional advice on choosing the optimal product (bank loan, leasing, loan from a non-banking financial institution), which can be one or a combination of products from one or more banks. You are explained all the details about fees, charges, Colorado mortgage rates and the lending process. Brokers perform a preliminary scoring and they present you the lending options which you can access according to the score obtained.
Second of all, when working with a broker, you get help in preparing your loan application. You will not be the one to search for information on the internet, to stand in lines, to discuss with bank representatives, etc. Brokers monitor and maintain your credit file in the process of approval by the bank. You will not have to make phone calls every day asking what's new with your loan! Moreover, you will pay the bank lower fees and taxes: brokers can negotiate for you reducing certain fees or even eliminating them.
Mortgage brokers offer you assistance until the signing of the contract and cashing of the money. Since they are receiving their commission only after you become a customer of the bank, brokers have every incentive to ensure that you are happy and pleased! After getting the loan, you will be kept informed about the changes of various products and other new products.
You are wondering how to choose your loan broker? First, do not stop on one alone. Search the internet or ask your acquaintances about brokers whom they worked with, who obtained discounts of commissions for them, who were moving fast and well. You must have a list with at least three brokerage firms. Watch out how many banks each of them works with: the higher their number, the more variants you have to choose from and you will not have the feeling that your broker is trying to convince you of any particular offer. There are very large broker agencies that have partnerships with all or almost all banks in the country. Ask them about the approval rate of their credit applications. If only 30% of their clients have obtained the required credits, you had better keep looking. If they have a rate of more than 70-80%, you're on the right track.
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About the Authormaryparker
Joined: November 17th, 2011
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