Banks and lending institutions are often very limited in the mortgage products that they offer in Burlington. They typically offer borrowers three or four basic mortgage products, and that's all. The borrower has to take one of these products, even if it doesn't fit their needs. Essentially, these financial institutions have a one-size-fits-all approach to their mortgage options. If this doesn't sound appealing to you, then working with a mortgage broker might be your best option.
When applying for a mortgage, you probably want to have as many options on the table as you can. You probably would appreciate the value of having different lenders compete for your business. That's the advantage of working with a mortgage broker- you have options! We are experts in dozens and dozens of mortgage products, and we have relationships with some of the best lenders in the nation!
Do I Have to Pay a Mortgage Broker for Their Services?
There are rare cases in which we will charge a fee to our clients. But probably nine times out of ten, there is no charge for our clients. Cases where a borrower has a horrible credit score, and we have to put a lot of extra work into getting their mortgage application approved, we may have to charge that client a fee for the use of our resources and the additional time we had to invest. Also, commercial mortgages are cases where the broker doesn't get paid by the lender. Hence, the client will for their services. Still, they typically make out much better with us than they would with a traditional lender because we provide lots of options with lower rates.
Fortunately, in the majority of cases, homebuyers who are looking for a mortgage in Burlington will not have to pay us. That is because mortgage brokers are paid by the lenders. We work as a middleman for our clients, opening up a wide range of mortgage options for them, and the lender pays us so there is no charge to the borrower.
Am I Eligible for a Mortgage in Burlington?
Sadly, not everyone who applies for a mortgage in Burlington will be approved. There are several things that have to be taken into consideration when pre-approving a mortgage application. Because we know the lenders we work with so well, we usually know whether or not a client is going to be approved just by looking at their application. What things do we take into consideration?
We will look at your credit score, your income, your age, and several other factors in determining if you are eligible for a mortgage through us.
Contact Diane Bertolin of UCC Today Regarding Your Mortgage in Burlington
Even if you think your credit score is too low to get approved, we invite you to give us a call or stop by our office to talk. Your credit score isn't the only thing that factors into your mortgage application getting approved. We can often find lenders who work with riskier borrowers but at a higher rate of course.Mortgage Burlington