If you’re looking for a mortgage, it can be easy to get overwhelmed by the process. There are so many lenders to choose from, and all of them are likely to quote you different rates and terms for your loan. If you’re unsure of how to proceed, or how to find the best deal for yourself, working with a mortgage broker can be a big, stress-relieving help. You might even save some money too.
But even finding the right broker can be daunting. There are many of them out there, too, and it can be hard to know where to start in your search. That’s where findamortgagebroker.com can help.
What is FindAMortgageBroker.com?
As the web address suggests, findamortgagebroker.com is a site that’s designed to help you find someone to shepard you through the mortgage application process. The website is operated by United Wholesale Mortgage (UWM), the largest mortgage wholesaler in the country.
Working with a broker can help get you access to lower rates, because mortgage wholesalers like UWM don’t work directly with consumers, but they make their cheapest loans available through brokers.
How does FindAMortgageBroker.com work?
The website is location-based, so when you arrive, you’ll be prompted to enter your zip code. Doing so will take you to results that include registered independent mortgage brokers in your area. You can see the results in either a list or map format. Many of the brokers also have review ratings, which can help you get a sense of how satisfied their previous customers were.
Pros and cons to using FindAMortgageBroker.com
There are many benefits to using the website, but it’s not all upside. Here are some of the key things to know before moving ahead.
- A good way to help you find a local mortgage broker. Local brokers will be the most familiar with market conditions in your area and can help you find a good deal.
- Helps you find independent brokers. Independent brokers aren’t tied to any particular lending institution, so they have no incentive to push certain loan products over others.
- Working with a mortgage broker can help you find a lower rate. Bankrate often advises that mortgage applicants consider a broker. If you’re unfamiliar with the financial landscape, you can wind up leaving money on the table if you don’t.
- The results are limited. It’s unclear how a broker gets listed on FindAMortgageBroker.com, but the results are clearly not comprehensive. It’s a good starting point for researching brokers, but you may want to search elsewhere, too.
- Not all brokers have reviews. While many of the results show reviews, not all do. You want to make sure you’re working with someone you’re comfortable with: the broker will have access to lots of your financial information, and while you’re going through your application, he or she is someone you’ll be in touch with a lot.
- Working with a broker may or may not cost you a little more, because it’s one more person who gets a fee for your loan application. On the other hand, if you apply directly with a lender yourself, you won’t have to pay a third-party fee.
Alternatives to FindAMortgageBroker.com
While FindAMortgageBroker.com is certainly a great resource for your search, it’s not the only place you can look. A simple Google search can help you see other brokers in your area that don’t show up on the site, including brokers associated with larger firms. Rocket Mortgage also has a competing broker search feature that could be worth checking out if you want to maximize your research pool.
You can also compare the rates you find at brokers with Bankrate’s mortgage rate tables, which are from direct lenders, not brokers.
If you’re overwhelmed by finding a mortgage or have an out of the ordinary situation, working with a broker can make the situation less stressful. Findamortgagebroker.com is one place to start your research and see some of the professionals who work near you.