When thinking about applying for a mortgage loan, you’ll need to decide whether to work with an online mortgage broker or a traditional mortgage broker. If you’ve never worked with a mortgage broker before, you may be unsure of which is your best bet.
As one of the top mortgage brokers in Philadelphia, with extensive experience on both sides of the industry, we are well versed in the benefits and drawbacks of the options in front of you. In this blog post, we explore the pros and cons of working with each. Read on to find the best fit for you.
Online Mortgage Brokers: Better for Your Pocket?
Traditional mortgage brokers can often come with a hefty fee. While costs vary depending on the broker in question, you may find that the fees soon stack up. Often, traditional mortgage brokers demand up-front fees for a range of different things, including your application, credit report, and loan processing.
In comparison to traditional brokers, online mortgage brokers will often help you find the right loan without any fees. At RateJab, we won’t charge you any up-front fee.
Save Yourself Time by Taking the Digital Route
When it comes to saving you time and hassle, the traditional mortgage broker is no competition for the online broker. Applying for a mortgage with a traditional broker is often a lengthy process. Travelling to a broker’s office, undergoing interviews to determine your suitability for a mortgage, and mountains of paperwork can deter many people from taking the traditional route.
Zero meetings and travel time can make an online mortgage broker a far more attractive option to anyone looking for a mortgage loan. With an online broker, you can apply for a mortgage loan in a matter of minutes. An online broker makes use of the latest software to quickly and efficiently pool data on the best deals for your financial circumstances, as offered by the top mortgage lenders around the country.
With an online mortgage broker, you can also sign everything online – saving the hassle of having to prepare, store, and read through stacks of paperwork.
A Question of Expertise: Helping You Find the Best Deal From the Top Mortgage Lenders
When looking for a loan, you may think that a traditional broker can offer you unparalleled expertise in your search. However, a traditional broker may be limited in what they can offer you. The majority of traditional brokers are tied to a particular bank or corporation. As such, their industry knowledge will be constrained by their associations and they will likely only promote deals and services that match their interests.
Unlike some traditional mortgage brokers, as an independent broker, free from all corporate loyalties, it’s in our best interest to help you find the right mortgage loan for your specific situation. As an online mortgage broker, we are knowledgeable on the best wholesale lenders across the country. At RateJab, we obtain advanced data on the best mortgage lenders in your area and match you with the top lenders for your needs and location.
We also bring a human element to the digital process, combining the latest market software with old-school expertise. As one of the top mortgage brokers in Philadelphia, our team at RateJab is comprised of several experienced mortgage industry specialists. We work with you to understand your needs and support you throughout the process of finding the best mortgage loan.
In the past, some online brokers were limited by their lack of interaction with their clients and mortgage loan hunters were left to browse online databases to find the right choice for them. As such, traditional brokers have often been a preference for anyone nervous about the process of finding a mortgage loan and looking for someone to guide them through the process.
While traditional mortgage brokers certainly have a draw in this area, it’s sometimes even easier to connect with an online mortgage broker. With a traditional mortgage broker, you’ll find that there are restraints on when you can see them – you’ll likely have to schedule appointments in advance. In addition, it can also be a hassle to drive to a set location in order to discuss something with your broker.
At RateJab, you can easily get in touch with a member of our friendly team by sending us an email. You can also call or text us directly: 215-687-4342. You choose the best and most efficient way to communicate with our staff.
Online Mortgage Broker vs Traditional Mortgage Broker: Making the Right Choice for You
Finding the right mortgage loan can feel like an intimidating process. Working with a broker can help smooth and quicken the process. If you’re feeling especially anxious about finding the right loan, you may find the idea of a traditional broker appealing. While we might be a little biased, an online broker offers a fast, hassle free service, the satisfaction of faster customer service, and has access to the best deals from the top mortgage lenders in the country.
Interested in finding out more about the benefits of working with a mortgage broker? You might like our past post on the topic.