Broker versus Direct Lender? Top 5 Reasons to Use an Independent Mortgage Broker

1: Mortgages are Complex

There’s a lot of complex processes happening in the background. As a borrower, you don’t care about any of that. You just care that it works. With more than 200 mortgage products to choose from, by the time you research and select the best option, you could have closed the loan. And the products and contracts are complicated, so first-time buyers might need a bit of handholding from an expert. 

The mortgage broker channel has seen considerable growth over the past five years and is on its way to exceeding 25% market share.

2: The clock is ticking

Mortgage brokers select lenders that are responsive, with quick turnaround times. House hunting? They’ll get you a same-day pre-approval letter. Buying a 1-4 unit rental property? They can secure financing in 30 days.

3: Income Scenarios are Complex

Self employed, independent contractor or a freelancer? Credit issues? A broker knows which lenders will approve your loan even if you don’t match all the criteria. If it’s possible, they will get it done and are more incentivized to do so than a bank loan officer.

4: Options, Options, Options

Brokers work with dozens of wholesale lending partners to select the best fit for each scenario, potentially saving you thousands over the life of the loan. At Landmark we work with over 30 lenders. Direct lenders have a limited number of options.

5: Trusted Advisor

What matters most is that you have a trusted point of contact to answer questions and guide the process.