If you are thinking of refinancing for the first time, or are a first time home buyer you may be wondering why it is to your benefit to use the services of a qualified mortgage broker as opposed to using a direct mortgage lender. Mortgage Brokers or "multi-lender platforms" represent a number of lenders and offer these lender's products through a wholesale arrangement. So the mortgage broker can offer wholesale rates, as opposed to retail rates. The lender will then compensate the broker when they deliver a loan to them and this compensation is invisible to the borrower. Many banks that offer retail or wholesale loans will allow the broker to charge up to 1% of the loan amount for their compensation.
By offering wholesale rates, a broker is in fact more competitive than the retail side of the same bank. This is happening more and more as brokers are moving their services to the Internet and reducing their costs of distributing loans to the consumer.
Multi-lender mortgage brokers on the Internet can be the most competitive source for mortgage loans available. However, be wary of multi-lender sites that limit their choice of lenders to less than 10 sources. Ocean Pacific Capital has access to more than 130 so regardless of your situation, chances are we can find a program that fits your needs. Many sites that limit their selection are charging the bank to participate and can not offer unbiased selection as they are captive to their lending sources.
As a licenced California and Colorado full service mortgage broker, Ocean Pacific Capital is committed to providing excellent service to our clients in a fully upfront and transparent manner. We pride ourselves on providing personalized customer care. Whenever possible, we will meet with you in person, at your home, business or whatever location is most convenient to you, to give you a free, no-pressure loan consultation. Contact us today to set up an appointment with one of our experienced and friendly loan officers.
You need a mortgage broker that doesn't employ deceptive bait and switch tactics and hidden fees which cost home owners thousands of dollars every month. Ocean Pacific Capital has been in the mortgage broker business over 31 years without a single complaint. We have a perfect rating with the Better Business Bureau and a clean record with the Dept. of Real Estate. Call us today at 1800 595-1474. We look forward to earning your business.