Mortgage Broker Myths
Here are four common misconceptions about mortgage brokers:
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Mortgage Brokers are Only for Those with Bad Credit: This is false. Mortgage brokers can assist individuals with various credit scores, not just those with bad credit. They can help you find the right mortgage product based on your financial situation.
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Brokers Only Work with a Limited Number of Lenders: Mortgage brokers typically have relationships with multiple lenders, providing borrowers with a range of options. They can access a broader market than some individual lenders.
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Brokers Are More Expensive: Brokers are compensated through lender commissions, so borrowers don’t pay them directly. In most cases, they help you save more money by finding a mortgage with better terms.
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You Don’t Need a Broker if You’re Knowledgeable: Even if you’re well-informed about mortgages, brokers can still be valuable. They can save you time by comparing offers from various lenders and handle the paperwork, making the process more convenient.
