What is a Mortgage Broker?

As you begin your adventure of becoming a homeowner, you
may be wondering what exactly a mortgage broker does and
why you should work with one. A mortgage broker is a mortgage professional who connects a borrower to a potential lender. As
mortgage brokers, it is our job to find you a lender who offers
the best loan product for your financial situation and home
buying needs. Additionally, we gather all the necessary
documentation you will need to get approved by a lender. In
choosing to use a broker, you will receive guidance through the
entire mortgage process, obtain the best possible mortgage
solution, and save money. 
                                      

The greatest advantage of working with a broker is their access to wholesale lending. Unlike banks, we work on YOUR behalf, not the lender’s. Banks are RETAIL lenders who are limited to offering a small variety of in-house products that might not always be the most cost effective solution to your mortgage needs. Banks have lower approval ratings, do not have to be licensed, and charge inflated retail prices. Mortgage brokers work with WHOLESALE lenders who specialize only in mortgages and offer hundreds of products at wholesale rates - the lowest in the industry. Because we work with multiple lenders, we shop products based specifically on your circumstances, attaining the most appropriate loan for you and potentially saving you significant amounts of money over the life of the loan. Therefore, we can serve the most unique financial situations that would otherwise be denied by banks. Other benefits of using a mortgage broker are listed below:

• 

  Shop the top wholesale lenders in the nation 

• More lenders = more competition = lower rates

• Offer multiple product options to lower borrower’s payment

• Less expensive- lower overhead, closing costs and cheaper mortgage insurance

• Valued partnership/tailored experience

• Just one loan application and one credit pull

• Access to more (and lower) down payment options

• Faster turn times = shorter rate-lock periods

• Close loans in 20 days or less, on average

• Offer a fully digital process

• Better informed- constantly study the market and follow trends

When looking for a loan, about 80% of borrowers will reach out to their bank simply unaware that there is a better alternative. For the benefit of the public, brokers everywhere want this to  change. Not only will we help you achieve what may be the largest purchase of your life, but we’ll also guarantee that you’re receiving a loan that is in your best interests. We stand by this principle here at Blue Tide Mortgage and support other mortgage brokers as we collectively strive to improve the mortgage experience for each and every borrower.