Benefits of an Upfront Mortgage Broker

An upfront mortgage broker is a mortgage broker that is required to act honestly, explicitly, and transparently. He or she is on the side of the customer and must agree to meet specific standards of integrity. Due to the regulations that an upfront mortgage broker must follow, borrowers benefit in many sectors.    

Save Money

Upfront mortgage brokers are required to present borrowers with the wholesale price of a loan. The wholesale price is the price of the loan before markups are added on. Markups usually come in the form of processing, evaluating, and accepting fees from the lender and leg work fees from the broker. The wholesale price of the loan is always lower than the retail price of the loan. By seeing the wholesale price, borrowers can decide for themselves whether the fees for services are fair or not. Regular mortgage brokers do not disclose their markups. Also, interest rates on wholesale loans are usually lower than those on retail loans.

In general, the average person does not see the same low rates that a mortgage broker does. Because mortgage brokers provide services for lenders, such as finding and signing customers, lenders present brokers with lower rates. By using an honest and upfront broker, the average person gains access to these lower rates.

Save Time

Upfront mortgage brokers work for you. As members of the finance community, UMBs have access to a large pool of lenders that you, independently, would not be able to contact fully without dedicating countless hours to research. Also, UMBs understand the details that go into a home loan policy and therefore know which loans are best to present to you and which are a waste of time and can be ignored.

Save Aggravation

UMBs are required to work with integrity. You are exposed to the wholesale price of the loan, you cannot be enticed to pay a ridiculously high amount. You and your UMB will agree on brokering fees at the start of your transaction, you do not need to worry about facing ridiculous add-ons after the agreement is complete. Every monetary value will be explicitly stated in writing, there will be no legal arguments over what was or was not promised. Upfront mortgage brokers are qualified, regular, mortgage brokers, they can help you overcome obstacles that you face while attempting to secure a loan. You are guaranteed to have access to the best possible mortgage package that meets your needs, you have no reason to fill out multiple applications with multiple lenders or to play the bargaining game.