Atlanta Mortgage Companies and You

5 Reasons to Work with a Georgia Mortgage Broker

Looking to buy a home or refinance your mortgage loan in the Atlanta area? Looking into Atlanta mortgage companies is the first step you should take. You need to find a great mortgage lender who will get you approved for the best mortgage loan and lock in the lowest mortgage rate. One of the biggest questions you will face upfront is if you want to work with a direct lender or a mortgage broker? 

atlanta mortgage companies

Atlanta Mortgage Companies: Direct Lender vs. Mortgage Broker

Direct lenders are Atlanta mortgage companies who provide direct funding themselves, or through a specific bank. You may also work directly with your bank if they offer mortgage loans. The primary drawback of working with a direct lender is that they only offer a limited set of mortgage loan products. They have their own funding solutions and that’s what is available to you.

A mortgage broker on the other hand is a broker, as the name suggests. They are working for you and are able to look at more options from numerous lending sources. To better explain, here are some of the key benefits of working with a mortgage broker:

  1. More Loan Products

Think of a mortgage broker like a personal shopper. If you go to one department store to buy clothes, you are obviously limited to only the items they have available. They may have some great stuff and that may be all you need. On the other hand, a personal shopper (i.e., your mortgage broker) is representing you and your specific lending needs. They can look around and deal with multiple stores to find you the perfect apparel for your budget and style.

A good mortgage broker in Atlanta will have access to hundreds of different loan products (including VA, USDA, FHA and other excellent loan programs). You may be able to find something better and more specifically suited to your lending needs when dealing with an experienced mortgage broker. 

  1. Finding You the Best Solution

As we mentioned, the mortgage broker is representing you. They review your financial situation and home buying needs. Then, they can search on your behalf to find the best lending solution. In general, the priority is to find you the lowest possible mortgage rate. However, that is not always the most important item. Your mortgage broker can review every detail of a potential lending option and help you make the right decisions.

  1. Mortgage Expertise

You will want to shop around yourself and find a Georgia-licensed mortgage broker who satisfies your needs. An experienced mortgage broker will typically be able to offer more products and ideas. They will have a larger network of lending sources and more skill to help you navigate all the different options available. They can effectively explain the differences between different loan types and terms offered from different lending sources. When searching Atlanta mortgage companies, ask if they are a broker and what services they offer.

  1. Save Time & Money

It’s always nice when you can save time and money, especially when it comes to something as big as buying a home and getting a mortgage loan. A good Atlanta mortgage company (especially a local mortgage broker) will be able to save you a lot of time. They can get you pre-approved for your home loan or refinance and use their network of resources to find you the best deal.

A mortgage broker doesn’t get paid their origination fees until the loan is financed, so they will do everything in their power to push the process forward toward final approval and funding. A mortgage broker should be very upfront about their fees and process, so you can avoid hidden costs that often come with direct lenders. No matter who you are working with, always ask for details about any fees and extra closing costs associated with your mortgage loan. 

  1. Personalized Service

One of the best reasons to work with an Atlanta mortgage broker is the personalized service. A mortgage professional representing a direct lender or bank is representing the company. A mortgage broker is ideally representing you. That’s why it’s smart to ask questions and talk with multiple Atlanta mortgage companies. Include at least one mortgage broker on your list and you will likely see the immediate difference in how they approach your lending needs with a more personalized style of business.

If you are buying a home in the Atlanta area or refinancing your home loan, contact Moreira Team | MortgageRight today. We are a licensed and experienced Georgia mortgage broker and have a reputation as one of the best Atlanta mortgage companies year in and year out. Let us know how we can help you make the most of your mortgage experience!