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70 Ways For Home Buyers To Save Money When Buying A Home: Tip #4

Use a mortgage broker

Who do you think has a better chance of getting you a better interest rate:

A bank with one loan program?
Or a mortgage broker that works with a 100 different banks that compete everyday for your business?

It is definitely the mortgage broker who can shop your loan around to hundreds of lenders.

You probably have seen TV ads from lendingtree.com and nexttag.com where they say they will get you quotes from 4 different lenders. That's nothing. A good mortgage broker works with dozens or even hundreds of lenders and can shop your loan around to all of them for you.

In our mortgage brokerage office, we get rates sheets faxed and sent via computer to us everyday from many of the lenders we work with. We then consult each rate sheet on every loan, to see which lender is offering the best program and rate for that borrower. And the rates change everyday. On one day Lender A might have a better rate. The next day, Lender B will have the better rate for the same loan. A good mortgage broker will stay on top of all this for you.

If you go to your local bank, they will have maybe 10 loan programs. If you are lucky and have great credit they will get you a good rate. If you have bad credit they will usually just turn you down. And this is after you sit with their loan officer and give them hundreds of different documents.

When you use a mortgage broker, they can approve or deny you in less then 5 minutes. But then, if you get denied through the computer, they can then send your loan request in to what are called sub-prime lenders. These are mortgage lenders that give loans to people with less then perfect credit. They charge a little more, but are willing to give you a loan.

At my mortgage company, MoneyTree Mortgage in Houston, we work with over 238 different lenders. If I cannot get you a loan, no one can.

And having this many lenders is crucial because every loan is different. Your loan might have to go to a different lender then your neighbor's loan if you want to get the best deal. You see, we get the banks to really compete for your loan. And having 238 banks fighting for your loan is a lot better then four.

Many times, I will have people come into my office and say they got a great rate from their bank. When I compare it to what I can give them, they cannot believe that I can save them so much money. Like I said before, when you have dozens of banks sending you their rates everyday, you know which are the cheapest.

Another reason to use a mortgage broker is the way they get compensated. A mortgage broker works mainly on commission. If he upsets you and you walk away he doesn't make any money. So a mortgage broker will do whatever it takes to get you a loan. Someone working at a bank on the other hand, gets a salary. If you get your loan there, he is happy and probably gets a small bonus. But if you don't it's no skin off his nose.

By using a mortgage broker that is dependant on the commission, you will have someone work harder for you and he will do the best job he can, because in the long run he wants you to refer your friends and family to him.


Jesse Elliott got a rebate of $2,934!

Daniel Stidham saved $4,138!

Attony Wilson got $4,418 back!

Tamara Simon saved $2,658!

Ali Mustafa got rebated $7,400!

Piar Momin got $6,542!

James Gandi made $2,428!

La Sandra Melveaux got a rebate of $5,468!

Ernesto Maniego saved $2,746!

Neelum Nawab got $2,224!

Rolando Rubio made $2,350!

Farhan Shaikh saved $3,510!

Stephen Johnson got $2,426!

Bina Saleh got back $3,850!

Anthony Lawson made $2,016!

Manoj Kaul got a rebate of $2,588!

Sabiha Kidwai saved $2,350!

Baber Kahn Saved $3,816!

John Tumuno Made $3,698!

Gene Hoekstra got back $6,012!

Hussain Budhwani got back a whopping $4,090!

And that's just a few.

How much can you save?

"At first I didn't believe it, so I had Abby sign an agreement that he would give me 2% back at the closing. And he did.
Thanks so much."
- Allen Sams

"Abby gave me back $5,261 at closing. That bought us alot of furniture!"
- Alex Carr

"You would think that since Abby is giving the majority of the commission to us, that the service would not be as good as the full price agents. But you would be totally wrong. I have bought 4 houses before and Abby was by far the most knowledgable and competent and all the agents I have ever used.
- Sayeed Ali

"As an investor, it pays to have a real estate expert in my corner. Even the best investors need help from time to time, and Abby has always been there to help me out of a jam. I call him even before I call my real estate attorney.
-Ameen Kamadia

"Your service is phenomenal! I loved it. Where else can you get a better deal? I have already told several of my friends about you and I will continue to do so. I still can't believe how much money I saved. It's lucky for me that our paths crossed."
-Daniel Stidham

"Abby worked with us through the whole process of buying our first home. It was so wonderful to have the negotiations and the mortgage taken care of by one person."
- Robert Proctor.

"As an investor, I look for properties myself. Then I use Abby as my Realtor. I save money every time!"
- Raul Gonzalez .

"Abby, your service was so amazing, I have already told my family and co-workers about it. I can't stop talking baout it. Thank you so so much!"
- Jean Uribe.

"If you are buying a house, you must use Abby. You can't beat the deal he's giving you."
- Roland Armstrong.

"We were trying to buy a house for over a year, but couldn't save enough money. Getting 2% back let us buy our house 4 months ahead of scedule!"
- Cynthia Greer.


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