A real estate loan is almost always the single largest debt that an individual or couple incur in a lifetime. It is crucial to obtain the loan with most favorable terms.

In order to achieve this, the first step is to select a qualified and experienced mortgage broker to represent you throughout the mortgage process.

Some of the advantages of using a mortgage broker verses working directly with an institutional lender are:

A mortgage broker can provide financing which is customized to the borrower's needs. A bank has a limited number of loan programs to offer and their loan agent can offer the consumer only those programs. In contrast, a mortgage broker, who represents dozens of lenders and virtually hundreds of loan programs, can custom tailor a program to the borrower's specific needs and not be limited to the constraints of one particular lender.

A mortgage broker acts as advocate and intermediary for the borrower. The broker will often step in to negotiate terms and conditions which are more favorable to a borrower than those he or she would receive by working directly with a lender.

There is little or no increase in cost. A mortgage broker does most of the work that a direct lender does, and receives a discounted "wholesale" rate from the lenders s/he works with.

There are numerous lenders that only accept loans from mortgage brokers. These "wholesale only" lenders frequently price their loans more competitively than institutional retail lenders.

A mortgage broker is more flexible. On occasion a loan is declined by the intended first lender of choice, or when that lender imposes conditions that are judged to be unworkable, a mortgage broker can repackage the file and easily submit the loan to another lender within a day or two. This is because the mortgage broker processes a package that is generic to all of the lenders with whom s/he works. If a borrower goes directly to a lender and subsequently wants or needs to switch lenders, that borrower would have to start all over with the new lender and could lose 2 to 3 weeks in processing time.

In summary, using the services of a mortgage broker, as opposed to going directly to a bank, is clearly the best way to obtain the most favorable real estate financing.

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