You’ve probably heard of getting a second opinion from a doctor after receiving a medical diagnosis. It’s become standard practice. Maybe you even shop around when you’re about to make a huge purchase, like a car or a pricey kitchen appliance. You do this to see all your options and ensure you’re making the right decision.
With something as significant as a mortgage, it’s also a sound idea to get a second opinion. Many mortgage brokers and lenders are happy to take another look to ensure you’re getting the best deal. Better yet, they can find you a better option.
People tend to assume that their bank — whether a mega-bank or the credit union on Main Street — will have the best mortgage for them. While some banks may offer exclusive deals to their customers, if you stick with just your bank, you may be missing out on even better mortgages.
So, why should I get a second opinion on my mortgage?
Bottom line: It could save you some serious cash!
Talk to a mortgage broker for a second opinion. They aren’t tied to a specific bank or lender. Brokers can scope out mortgage options from more lenders and can offer better rates and terms that you may not be able to find on your own.
The earlier in the process you get a second opinion, the better. Then, it won’t affect your closing date and your credit score won’t take a hit from multiple inquiries. (Some experts suggest getting a second opinion in the 14 days after completing your first mortgage pre-qualification.)
And if anything seems off to you in the initial process of applying for a loan — your loan officer isn’t communicative, the loan amount seems suspiciously high, the rate is almost too good to be true — get a second opinion. Another professional can confirm your loan is good to go or sound the alarm if it’s not.
Difference between brokers & lenders
The lenders have the money they let you borrow so you can purchase property. A broker, on the other hand, doesn’t lend out the money for a mortgage. You hire a mortgage broker to do all the legwork of researching loans and putting together applications for you — and they’re a great place to start for a second opinion.
We have a much more detailed explanation of the difference between mortgage lenders and brokers that you can read about here.
Need a second opinion?
We can help! As mortgage brokers with over 50 years of combined experience in the industry, AMKO is able to dive deep into our network to find the best mortgage FOR YOU. Contact us today to get started!
