Since a mortgage broker typically has multiple lenders to send your loan to, they usually can find a better rate and product. Another huge benefit is that you only need to apply with the mortgage broker once, then have your loan potentially reviewed from multiple lenders. This can be a major time savings, as each bank has its own set of risk tolerances. If a borrower went to a bank and got denied (for a weak appraisal for example) this borrower would then have to fully re apply, run credit again, and spend the time and energy to walk into another bank. Working with a mortgage broker also gives you top of the line customer service, we deal with the bank and the red tape for you.

Please contact Somerset Lending Corp for more reasons as to why a mortgage broker can be a valuable decision.