Do you need a mortgage broker?
Los Angeles, CA -- (SBWIRE) -- 10/09/2015 -- People looking for a mortgage often start with their bank. While there's nothing wrong with that, one bank means the loan options are limited.
A mortgage broker can get bids from many lenders, rather than just one. Even if a person has good credit, interest rates can vary as much as two percent, said Nili Nathan at C2 Financial, a mortgage broker in the LA area.
Over the lifetime of a 30-year mortgage, two percent interest can run to the tens of thousands of dollars.
There are other advantages to using a broker, says a Wall Street Journal report, "Should You Use A Mortgage Broker?"
"Aside from interest rates, brokers can offer other useful perks to mortgage seekers", says Armand Cosenza, president of the National Association of Mortgage Brokers (NAMB). "For instance, a broker might help a buyer secure a low-interest credit line alongside the loan, says Mr. Cosenza,"
Mortgage brokers can also find non-typical and jumbo mortgages, both of which are important to major urban centers like Los Angeles.
"You have to think about more than just the interest rate you are paying," Mr. Kent said. "How much of a down payment do you have? Do you want to buy points? What about mortgage insurance? How many years do you want to finance your purchase? All of this matter and one bank may not give you many options."
That flexibility is what mortgage brokers offer.
"Ask a broker what he or she can offer that a bank can't and the response will almost certainly be variety. Because brokers are not tied to any one lender, they have the ability to shop around on behalf of their clients," says an article in the New York Times by reporter Lisa Prevost.
For more information about mortgages and the wide variety of loans available, visit http://lamortgagelender.com or call Nili Nathan at 310-291-1601.
11766 W. Pico Blvd.
Los Angeles, CA 90064