With so many mortgage companies and online lenders clamoring for your business, it's easy to understand why it's attractive to use a broker. They may even have long-lasting relationships with runners and can make reliable recommendations based on years of professional interactions. If you want to establish a connection with a specific lender, make sure that your broker can offer it to you or point you in a similar direction. Working with lenders takes time, and a broker can also help you better understand what you're getting. Brokers also have limited control over what the lender does with your loan, which could be a problem if the loan is delayed or denied.
If the broker is unable to close the loan on time, the sale may not take place and the agent may not receive his commission. Of course, there's no guarantee that the mortgage broker will get you the best deal, but if they're familiar with your situation, they may suggest money-saving options that you haven't considered. But if you're not comfortable learning about mortgages and making the decision on your own, a broker can be for you of great help. A mortgage broker can handle that heavy task by identifying loans that fit your circumstances and helping you file your mortgage applications.
However, you may be looking for higher rates to offset the commission the lender has to pay, or you may only receive offers from lenders in that broker's network. Remember that finding the right mortgage broker is crucial to ensuring a successful and smooth homebuying process. Realtors charge a commission after selling a home, so they have a strong interest in recommending a good runner. Due to the relationship between Atomic Brokerage and Atomic Invest, there is a conflict of interest because Atomic Invest directs orders to Atomic Brokerage.
Don't hesitate to contact your agent or loan officer if anything isn't clear, or to make sure you're not comparing apples to oranges when looking for different loans. The custody and compensation services used by Atomic Brokerage are listed in its report BrokerCheck.
