Why use a VA-Loan.com mortgage broker?

First lets define a broker and a lender. A mortgage broker is a term used to describe someone working with a buyer to help them find a lender. A lender is the institution that loans the money. Examples of lender are USAA, Bank of America, Wells Fargo or it could be your local bank.

A broker usually does not work for a specific lender, but they do have business relationships with lenders, sometimes hundreds of them so that they can best serve you with a mortgage loan.

Some people see the broker as a middle man. Although this is true, its not a negative thing. If you are looking for a VA loan, and contacted a national or even a local lender, you would be connected to their lending department where you would speak to a loan officer. The loan officer would tell you what loans the lender had available, in your case a va loan, and would tell you what the interest rate is and the fees for the loan.

This is one lender, one VA loan, and one rate. You only get one choice which is no choice at all.

But applying with a mortgage broker who is not bound to any one lender, allows him to shop all the lenders in his network to find you the best VA loan and the best rate.

Dozens of lenders, dozens of loans and dozens of rates. You get the best rate with the lowest fees.

This is an effective means to rate shop. If you wanted to get rates from multiple lenders you would have to apply with each one and go through the process. Each lender has their own fees and rates making it difficult to compare. However, a va mortgage broker can use his network of lenders and within minutes compare the fees and rates from dozens or even hundreds of lenders.

Mortgage brokers are middlemen but you don’t pay a middleman price. All lenders charge a fee for originating a loan. The broker is allowed to keep this fee for helping the lender find a buyer.

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