Why A Mortgage Broker Is the Way to Go for Millennials

Hey there millennials! So, you’ve decided to take the exciting leap into homeownership. Congrats! But hold on a second, because before you start envisioning your dream home, let’s talk about the most important part of the process: getting a mortgage. Trust me, it’s not something you want to overlook.

Now, you might be wondering, “Should I work with a mortgage broker, lender, or banker?” It’s a valid question, and as someone who has worked in all three roles, I can confidently tell you that going with a mortgage broker is the way to go. Let me break it down for you.

First things first, what exactly is a mortgage broker? Well, think of them as your personal shopping assistant in the world of home finance. They don’t use their own institution’s funds like banks or credit unions do. Instead, they act as intermediaries between you, the borrower, and wholesale mortgage lenders/investors. It’s like having a savvy personal shopper who knows your tastes, as opposed to someone mindlessly scanning items at the checkout. As I always say, “I’m a Mortgage Advisor, not a Mortgage Order Taker.” The best part about it is that in many cases, the bank or wholesale lender pays the mortgage broker, not you.

Now, let’s talk about the benefits of using a mortgage broker, specifically for millennials:

Access to a Wide Range of Lenders: Mortgage brokers work with many lenders, giving you access to a much broader range of loan products than if you went directly to your bank. It means more options for you to find the perfect fit. My company, NEXA Mortgage, is the nation’s largest mortgage broker with access to over 200 wholesale lenders. The banks compete for my business which enables you to secure super low rates and fees.
Expert Guidance and Advice: A mortgage broker is a highly-trained professional who can provide expert guidance and advice throughout the entire home loan process. They understand the ins and outs of different loan types and can offer personalized advice based on your unique financial situation. The Richard Woodward Team NEXA Mortgage has over 20 years of experience and thousands of happy homeowners, check out my 332+ Google Reviews
Save Time and Hassle: Dealing with multiple lenders and filling out numerous loan applications can be a real headache. But fear not! Working with a mortgage broker saves you time and hassle because they handle all the legwork for you. They’re your go-to person, taking care of everything. Once you complete an application and provide your documentation, we can shop the specific lenders for the loan programs you qualify for.
Negotiating Power: Mortgage brokers have negotiating power with lenders that individuals simply don’t have. Thanks to their experience and expertise, they can help you secure favorable loan terms and rates. Wholesale lenders are competing for their business, and that works in your favor. We are the nation’s largest mortgage broker, and we get the best mortgage rates out there.
Save Money: Who doesn’t love saving money? A mortgage broker can help you find the best loan products and rates available, potentially saving you a significant amount over the life of your home loan. Think of it as more money in your pocket for those avocado toasts! Compare our fees to your banker or bank, we never charge a processing fee, underwriting fee, or other junk fees, which normally saves most borrowers about $1500 just in fees.
Personalized Service: With a mortgage broker, you get personalized service tailored to your unique financial situation and goals. They take the time to understand your needs and find a loan product that aligns with your future plans. Each of our clients receives a custom-created video and analysis that shows them 2-4 options and shows them which one will save them the most money. Our clients love it!
Better Chance of Approval: If you’ve been turned down by your bank, don’t lose hope. Mortgage brokers work with multiple lenders and can often find a loan product that fits your situation when others couldn’t. They’re like the superheroes of the mortgage world. We can close borrowers with credit scores as low as 500.
Transparency: A mortgage broker believes in keeping you well-informed. They provide you with all the necessary information, explaining loan terms and conditions in plain language. No hidden surprises here!
Follow-up Support: Your mortgage broker isn’t just there for you during the loan process; they’ll continue to offer support and advice throughout the life of your home loan. They’re your long-term partner, ensuring you always get the best deal possible.
Peace of Mind: Buying a home is a big deal, and having a mortgage broker by your side gives you peace of mind. You can rest easy knowing you have an experienced professional working tirelessly to secure the best loan product and rate for your needs.

Now, here’s a little reminder: not all mortgage brokers are created equal. It’s crucial to ask questions, get to know them, and seek referrals before settling on one. After all, you want to be confident in your choice. A quick search and review of our Google Reviews demonstrates our dedication to you, our client.

Let’s bust a few myths while we’re at it:

Myth #1: Mortgage brokers don’t have control over the underwriting process. That’s simply not true. Unlike retail lenders, mortgage brokers work directly with the end investor to underwrite the file, giving them more control and accountability. They choose which banks or investors to work with, ensuring efficiency and nimbleness. With our SAME DAY APPROVAL, all of your clients close on time or early.

Myth #2: Mortgage brokers take longer to close loans. False! According to a survey, the average closing time with a mortgage broker is 21 days, while retail lenders and banks take 45 days. Mortgage brokers specialize in mortgages and don’t have distractions like other services, resulting in faster closings.

Myth #3: Mortgage brokers are more expensive. Nope, not at all. In fact, borrowers who work with mortgage brokers save an average of 2.56% on home loans. Mortgage brokers have access to wholesale rates and lower overhead costs, enabling them to pass on significant savings to their clients.

So, dear millennials, with mortgage rates on the rise, it’s time to consider the advantages of working with a mortgage broker. By seeking a second quote and our Mortgage Rate Protection Plan, you could save thousands upfront and tens of thousands over the life of your loan. If you want a true mortgage advisor who has access to 200+ wholesale lenders and will be there for you throughout your homeownership journey, reach out to me. I’m here to help, and you’ll be in the best hands!

Remember, your dream home is within reach, and a mortgage broker can make the path smoother and more rewarding. Happy house hunting!

Richard Woodward

Branch Manager, NMLS 217454

Your 5-Star Rated Mortgage Lender

Voice/Text: (214) 945-1066

Nexa Mortgage NMLS# 1660690

7820 Hague Ct Plano, TX 75025

Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Nexa Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualifications. Rates and fees are subject to change without notice.