Using a Home Builder’s Lender Vs. an Independent Mortgage Broker

Couple at real estate office
Dusty Broderick

In the US, the average mortgage balance is over $200,000! So, when you’re dealing with such a large number of money invested in the most sentimental item you’ll ever own (that’s your home, of course), you’ll want to be sure you’re getting the best deal.

But what does the best deal look like, and how do you make sure you’re not lured into something that’s not right for you? Learn about your new home mortgage options here. Let’s look at whether you should use a home builder’s lender or go with an independent mortgage broker for a better deal.

What is Home Builder Lending?

The homebuilder lending system offers you a fair mortgage rate, and sometimes a low down payment option. Often, they have the in-house resources to process your application right on the spot.

The downside is that most of the time, you’re restricted to one lender. So for many, it’s best to look at alternatives to find the best deal available.

Home Builder Mortgages Aren’t As Varied

Many home builders will only work with a limited group of lenders. This means that you may be pre-approved for a lower interest rate, but not be able to get the loans from any other lender. If you’re like most people taking a home builder mortgage, your only option is to take what’s offered. It could be cheaper elsewhere.

What is an Independent Mortgage Broker?

Mortgage brokers have access to almost all lenders. They can almost always get a home loan with better rates and terms than you can get directly from the lenders.

Brokers who offer their services for free often make a commission from the lender. That said, some mortgage brokers are not paid by the lenders for referring business.

At the end of the day, it’s more important that you find a mortgage broker that has your best interests in mind, and that’s finding you the cheapest deal. So a good broker will be transparent and offer you a range of suggestions to make sure you’re getting the best deal.

How To Find an Independent Mortgage Broker

There are several ways to find a good independent loan officer. First, you can peruse their site, which should have information about their services and industry experience.

The best thing you can do is to gather information and then call a few mortgage brokers. Ask questions about their services, fees, and experience. Then you can do an internet search for reviews of those you’re still considering.

Independents Can Find The Best Mortgage for New Home Builds

You’ll need to decide which option is best for you: the low-cost homebuilder loan or the lower interest rate with an independent mortgage broker. It’s always a good idea to get many quotes.

But an independent mortgage broker can do all that for you. They can free up your valuable time and money. This way, you can be sure you’re getting the best deal that’ll get you in your dream home as soon as possible.

So if you’re looking for the best deal on the market then get in touch with us today and see if we can get your interest by reducing the interest.

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About Dusty Broderick

Discover great rates, the best mortgage guidance, and the optimal combination of hyper-efficient technology that reduces your efforts and gets you to the finish line.

Dusty Broderick

July was a busy month and we're so proud of our Solidify Mortgage Advisors helping families across the country.

A stress-free process is what we aim to provide, shielding you from as much stress as possible throughout your mortgage process.

June was a busy month!
Proud to bring our clients the best service with the best loans!
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