When it comes to getting a mortgage, working with a North Charleston Mortgage Broker can be a great way to save time, effort and money. A North Charleston Mortgage Broker may have better and more access to lenders than you, but it's important to remember that their interests may not always be aligned with your own. You can get a better deal on a loan if you deal directly with lenders. North Charleston Mortgage Brokers can help you get a better rate than if you were working directly with a lender. Most mortgage brokers work with a variety of lenders, including banks, credit unions, and private mortgage companies, giving them access to a wide range of options.
Kimber White, president of the National Association of Mortgage Brokers (NAMB), explains that mortgage brokers have a fiduciary responsibility to recommend the best loans for their clients' situations. To learn more about what it's like to work with a mortgage broker and why you may or may not want to take advantage of this option, MoneyGeek spoke to several mortgage experts. Getting prequalified for a mortgage with both a bank and a mortgage broker can help you understand your options and compare offers. Before you decide on a loan, make sure to check with your state's professional licensing authority to ensure that they have the necessary mortgage broker licenses.
Additionally, the mortgage broker is responsible for communicating with the mortgage lender once you make your decision. Mortgage agents, who can work within a mortgage brokerage firm or independently, deal with many lenders to find loans for their customers.