Choosing a Broker or a Bank for Your Loan

 

With the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act came a wave of new regulations in just about every facet of the mortgage loan industry. As a result of the regulations, there was a steep decline in the number of mortgage brokers operating in the industry. Many potential homeowners are torn between who they should choose when it comes to securing a mortgage loan; a broker or a bank. There are advantages and disadvantages to both depending on everyone’s unique situation. However, brokers are a better option than they once were as those still in business like Ace Mortgage Loan Corporation are the ones dedicated to following the rules and regulations and they are committed to providing impeccable customer service.

Brokers have an interesting advantage over banks because they can work with a variety of lenders to find the best possible deal for their client. Shopping around for a mortgage means the borrower has options and when lenders compete, everybody wins. There is plenty to take into consideration when looking for the best mortgage loan in places like Boca Raton, Delray Beach, Pompano Beach or Plantation, FL so finding a knowledgeable broker can be the difference between a good experience and a bad one. Most people think finding the lowest rate on a 30-year fixed rate is all that goes into a mortgage but sometimes the lowest rate won’t save you the most money. Closing costs and other fees can drive the overall cost of a mortgage through the roof even with a low rate.

Working with a broker is also helpful as they will handle every aspect of the process. Once you’ve decided on the right home loan for you, there is a mountain of paperwork and discussions that must happen and a broker will do it all for you. This makes it even more vital that you work with a mortgage loan company that you feel comfortable with as they will be heavily involved in the process on your behalf. Ace Mortgage Loan has been a leader in South Florida home loans since 1997 and the team of dedicated mortgage loan professionals always keep their clients best interests in mind. Owning a home is a great achievement so work with the best in the business and make your dream of home ownership come true! Call Ace Mortgage Loan Corporation today speak with one of our mortgage loan experts.

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