For many homeowners or home buyers, the idea of working with a mortgage broker is a new concept. It’s only natural that you might have a few questions. Here are answers to five of the most frequently asked questions.

1. Why should I use a mortgage broker?

Just like anything else you shop for, having more choice and more options makes it more likely that you’ll find a great deal. When you use a mortgage broker to shop for a home loan, you’ll have access to dozens of lenders, improving your chances of finding the right loan for your needs. A mortgage broker can talk to you about your specific goals and financial situation and know which lenders and which loans will be the best fit for you.

2. How much does it cost to use a mortgage broker?

Working with a mortgage broker usually doesn’t cost you anything at all. In most cases, fees are paid by the lender. At Lenderment, we believe in full transparency and zero hidden charges.

3. Do I need to submit a new loan application for each lender?

No. Not at all. One of the ways brokers like Lenderment streamline the mortgage shopping process is through a simple pre-approval application. Submit your paperwork once and have your credit pulled once. Then, enjoy the flexibility of shopping your pre-approval around to multiple lenders.

4. Can’t I just get a loan from my bank?

Absolutely. Many homeowners do prefer to work directly with their bank. Just remember that when you choose to work with a single lender, you limit yourself to a specific list of mortgage types and may be missing out on a better rate by not shopping around.

5. How do I choose a good mortgage broker?

As with any professional service, working with a mortgage broker you get along with is important. Most brokers offer a free consultation to give you a chance to get a feel for their communication style, personality, and methodology. Reading testimonials and online reviews is a good way to get a feel for past clients’ experiences. Mortgage brokers are often reviewed at places like Yelp, Google, or Zillow. Experience matters, too. Find out how long they’ve been in business and how many mortgages they’ve serviced over the years. And always be sure to work only with a mortgage broker who is licensed to operate in your state.

Want to see if you qualify for a lower rate? Take our FREE online pre-approval, and find out in just 60 seconds how much you could be saving!

• Secure, Fast, and Easy
• Does Not Affect Your Credit
• No Obligation