Want to strengthen your professional relationships, expand your referral network and get to the closing table faster so you can get paid sooner? As a new real estate professional, you can set yourself up for early success by partnering with an independent mortgage broker in your area. Here’s how they can help you win more clients:
Quicker Turn-Around Times
Independent mortgage brokers can typically close loans 2-3 times faster than the industry average. Most big banks and direct online lenders have average turn times of 45-60 days, but mortgage brokers can typically close a loan in 15 days or less. This is thanks to their partnerships with wholesale lenders who focus on efficiency and service. This faster process has great benefits including a decreased likelihood in your losing a deal because of long closing times. Additionally, your buyer moves into their dream home faster, and your payday arrives sooner.
More Buying Power
A customizable loan product allows your buyers to get the home and the loan that best fits their needs and their wallets. Mortgage brokers can offer more loan options – often with better pricing – because they have access to a variety of wholesale lenders. Big banks and direct online lenders only offer one set of products, limiting your clients. Working with a mortgage broker makes it more likely your buyers will find the right loan solution for their financial situation, usually with a lower monthly payment – which can mean more buying power. Finding an ideal loan option for your buyer rather than trying to fit them into a pre-selected box makes your buyer feel like a person rather than a number.
A Seamless Process
The convenience and personalized service that mortgage brokers bring to the table can go a long way. For example, if your buyer goes to a bank for their mortgage, they’re at the mercy of a mortgage banker who likely works during standard bank hours at a set location. Mortgage brokers, on the other hand, are local independent entrepreneurs who set their own hours, are accessible whenever questions come up and have the flexibility to meet when and where it’s best for their clients. Plus, they’re your buyer’s personal advocate, taking on the heavy lifting of navigating complex financial situations and making the entire process smooth and worry-free.
Because independent mortgage brokers are licensed experts who only focus on home loans, they can reliably match your clients with the right loan products. Mortgage brokers can support borrowers in a number of situations – they’re skilled at helping self-employed borrowers and those with second jobs in the gig economy, as well as first-time homebuyers or those with challenging credit histories. Finding the right loan can transform a renter into a buyer, and nets you a grateful client ready to refer more business.
There are many reasons to work with an independent mortgage broker, and it’s easy to connect with one in your area. Visit FindAMortgageBroker.com to learn more about the advantages of working with a mortgage broker and find your partner today.
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