7 Reasons To Choose A Mortgage Broker Over On-Line Lenders - part 1

by Kevin Onizuk

1. Personal Advice: Breakwater Mortgage Corporation calls Hampton Roads and the surrounding communities (Norfolk, Suffolk, Chesapeake and Portsmouth) home and an on-line lender could be located anywhere. Breakwater Mortgage Corp. is located in Virginia Beach and Williamsburg, Virginia. Our team provides personal mortgage business services that enable mortgage clients to discuss their personal financial scenarios for mortgage lending that is often not available with on-line lending. Breakwater Mortgage's philosophy: Your Home, Your family, Our Pleasure, is based on our personal and professional ethics, enabling our clients trust, and demonstrating our abilities through our confidence and experience. Face to face mortgage financial discussions allow Breakwater Mortgage associates to effectively communicate with the clients to meet their personalized needs in a professional manner. The challenging questions are answered concisely and directly by the Breakwater staff. By choosing a local professional mortgage broker, clients are empowered to gain trust, respect, and a greater understanding of loan products that are available. The dialog between the local broker and borrower allows for the best loan product to emerge for the refinancing homeowner or new home purchaser. The benefit of utilizing a local broker versus on-line lenders eliminates delay and possible confusion in the completion of on-line documents.

2. Problem Resolution: The local broker has a great advantage over the on-line lender, though both are able to solve issues regarding the loan process. When working with an on-line lender, one of the determining factors that can help you decide in choosing your mortgage approach is your familiarity with the internet. With a local lender, other factors come into play: home purchase procedures, a realtor's advice, a local mortgage professional's availability, personal refinance requirements not expressed on paper, and other pertinent documents related to the mortgage financial transaction. For clients with more detailed transactions, challenging credit issues, or living in a tight home market, he or she will have more flexibility and personal attention by choosing a local mortgage professional.

3. Consumer Protection: Peruse the on-line mortgage web site. Does the internet web site have methods in place to facilitate the complaint process? If not, consider a different lender or broker to handle your loan process. Most on-line mortgages are sold to new lenders. This can create challenges in first time payments, follow-on payments, and obtaining follow-on support to solve issues by the on-line lender's business approach. Local brokers, loan officers, and other mortgage specialists often develop relationships with their lenders to help in solving client's needs and issues. This approach generally eliminates the void of personal distance that an on-line lender may incur.

4. Formal Complaints Regarding Mortgage Lending Services: Each state has different laws and procedures in providing/obtaining derogatory information regarding your chosen lender. Breakwater Mortgage operates in Virginia. Our governing body is: The Bureau of Financial Institutions of the State Corporation Commission, Commonwealth of Virginia. This office provides oversight, code interpretation, training, and audit review of our organization. Consumers may telephone the Bureau to research complaints against any mortgage organization to ensure the organization is currently in good standing. On-line lenders may not fall under the Bureau's scrutiny and may not be as astute as a local broker or local mortgage professional.

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7 Reasons To Choose A Mortgage Broker Over On-Line Lenders

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