NJ Mortgage Broker Questions?
Hello BP, I’m looking to get preapproved then get a mortgage for a primary residence I plan on buying. I am facing some grey areas when it comes to whom I want to preapprove me and originate my loan. I want to make the best decision in this area for a favorable financial outcome, whereas I’m finding some professionals are more so looking for a quick sale. It is my understanding that using an independent mortgage broker is beneficial in the following ways…
- They shop your credentials to many (up to 30) different lenders to get you the best rate
- Lenders will give them (the broker) a better rate than they would give you if you walked in and applied yourself
- Mortgage brokers are paid by the lender and in most cases are free to you
Are these points accurate BP? Is there something I am missing?
I am looking in the North Jersey area, if there are any investors in North Jersey that have done business with mortgage brokers in the past and would refer please do! All feedback is appreciated I’m all ears!