Getting ready to sign on the dotted line? Thought you found the best mortgage broker rates in Miami? Don’t put that pen to paper yet. If you’re a super-human researcher, you probably feel like you’ve already put all the time possible into researching the home buying process. If you’re an ordinary human, you may realize that you spent more time comparing the bathroom counter tops in your two home finalists than looking into your mortgage lender. After all, the only mortgage statistic that matters is the lowest interest rate, right?
Mortgage Broker Rates in Miami Versus Direct Lending Rates
Before we answer that question, let’s tackle a burning one for many potential home buyers: Which is the better option, a mortgage broker or a direct lender? If this questions seems foreign to you, here’s a quick explanation. A mortgage broker works as a middleman between you and a lender. The broker does not provide the loan but offers services to contact a number of different lenders and allow you to compare rates. As soon as you sign your mortgage paperwork, the broker moves on to the next sale and the relationship with your lender begins. Direct lenders are the immediate providers of your mortgage loan. Any loan offers you receive from a broker were obtained by the broker contacting the lender.
So, which option is better? Many would tell you, “It depends.” At Kloze, we’re a bit more confident: A direct lender is your best option for a great mortgage rate—and customer experience. One of the main reasons people choose a mortgage broker is to compare rates, not because you couldn’t get those same rates by calling a lender directly, but simply from the time-saving aspect of the process. We believe we offer highly competitive rates in nearly any circumstance; choosing Kloze is already a choice for one of the lowest rates on the market.
All the Mortgage Products You Need from a Direct Lender
In the modern mortgage loan marketplace, rates are so tightly grouped from lender to lender that there typically are only slight differences. The more important factor is whether your lender has a range of programs able to meet your specific financial needs. That’s why we stock a comprehensive list of mortgage products, so that when you call us and tell us about your goals, we can give you several options, including both adjustable- and fixed-rate mortgages.
Our product offerings go further to include core federal programs operated by the Federal Housing Administration (FHA) and Veterans Affairs (VA). Our FHA loans make home ownership possible for millions of hard-working Americans who may not otherwise have qualified for a loan. These low- and moderate-income borrowers enjoy competitive interest rates, small down payments, and decreased closing costs—all traditionally prohibitive factors to home ownership. VA programs for our service men and women offer highly competitive interest rates on fixed-rate mortgages and, in some cases, eliminate all requirements for a down payment.
This brings us to another important point and another reason why people sometimes think they’ll get the best mortgage options from a broker: choice. If you’re someone who may qualify for FHA loans, you may not have a great history with banks. You may have heard about your credit not being perfect or your balances being too low. If you’re trying to secure a home loan from one of the big-name banks, you might have been shown the door before you had your fair say. Perhaps you thought a mortgage broker—who has the capacity to aggregate more than a dozen offers—was the only way you could find a willing lender.
Yet there are big, faceless lenders, and there’s Kloze. We exist to serve you and to make it possible for you to walk in the front door to a home you own. We dedicate our professional lives to finding ways for you to get the financing you need. You don’t need twenty lenders to find the right offer—you just need one lender focused on you.
And the Communication You Want
And if you don’t qualify as every lender’s dream borrower, you just gained another reason to work with a direct lender: communication. Determining the loan for which you’re eligible and the rate at which it’s offered requires a thorough review of your personal finances, everything from savings to outstanding debt to work history. This is due diligence for any lender. (Stay away from any lender that tells you otherwise.) Inevitably, questions arise during the process, and a lender’s review of your financial history could be complicated by a name change or recent purchase or sale of assets. Having a direct connection to the person in charge of approving your loan becomes critical in these moments. A broker creates a barrier between you and the lender that adds an unnecessary step to the communication process.
We’ll admit it: We’re biased. But in our defense, we’re biased because we offer all the supposed advantages of a mortgage broker in the form a direct lender. We are a full-service mortgage lender that has nearly every mortgage product at our disposal to allow you to compare your options. We also have a commitment to finding a mortgage solution for you. From there, it just gets better: direct communication, dedicated service, and knowledge that you’re starting your lender relationship with direct conversation. From start to finish, Kloze is here for you.