I have three quick stories about how it was beneficial for my clients to use a broker; their loans were either unconventional or I was able to lower their interest rate more than their current bank.
A mother wants to help her son buy a coop. He can not qualify for the income requirement by himself. Fannie Mae does not allow loans on investment properties that are coops and they no longer allow "kiddie coops" where the parents are non occupant coborrowers. We went to a non American bank and they were able to get the loan at the same rate as Citibank and Wells Fargo.
A client came to me and said that they wanted to refinance with their current bank because they were "Preferred Customers." I was able to beat their rate by .25%
A client is self employed and writes off a lot of business expenses. I was able find her a no income verification loan for her refinance at a reasonable rate and she is saving a ton of money.
Bottom line is that brokers give clients the opportunity to examine different alternatives and give them the possibility of the lowest possible rate. Call me.
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