If you live in Long Island, NY, and don’t know much about buying and financing a home, you might naturally think that the bank is best place to obtain a mortgage. They’re bigger, have more money, and you’re dealing with them directly instead of a middle man. Makes sense right?

No that is not always true. In fact more often than not you will get a lower rate from a mortgage broker like South Fork Funding. The service is more personalized, and they have an array of options that the big banks simply don’t have. 

The savviest homebuyers use a mortgage broker to finance their purchase, they don’t use big banks.

But what exactly is a mortgage broker and how does what they do differ from the big banks?

Here are four reasons Long Islanders should choose a mortgage broker like South Fork Funding instead of going directly to their big bank:

1. A mortgage broker acts as a middleman between you and potential lenders. The broker’s job is to work on your behalf with several banks to find the best mortgage lenders who best fit your needs with the lowest rates. Mortgage brokers have a well-developed network of lenders they work with, making your life easier.

Mortgage brokers are licensed and regulated financial professionals. They do all the legwork — from gathering documents from you to pulling your credit history and verifying your income and employment. They use the information to get the best loan on your behalf in a short time frame.

Once you settle on a loan and a lender that works best for you, your mortgage broker will collaborate with that bank’s underwriting department, the closing agent (usually the title company), and your real estate agent to keep the transaction running smoothly through closing day.

2. Mortgage brokers like South Fork Funding negotiate no-cost loans so you don’t have to shell out extra money up front. The broker will instead be paid by the lender after the loan closes.

3. For starters, a mortgage broker acts as your personal loan concierge and does all the work for you. The broker applies for loans with different lenders on your behalf, finds the lowest mortgage rates, negotiates terms and makes the approval magic happen. Mortgage brokers like South Fork Funding have a well known reputation for knowing everything about your file, for always answering their phones, and providing you with the utmost in customer service. Often at big banks customers are treated like nothing more than a file number and a transaction. You get lost in the volume.

Most mortgage brokers have relationships with several local, regional and even national lenders, and they can tap those connections to get some loan fees waived for you. A mortgage broker will give you accessibility and one-on-one attention you likely won’t find when working directly with a loan officer at a big bank.

Another perk: Some banks and lenders work exclusively with brokers, and that positions you in a position to get matched with special programs and rates only the broker has access to.

You’ll also save time by using a mortgage broker; it can take hours to apply for different loans, and then there’s the back-and-forth communication involved in underwriting the loan and ensuring the transaction stays on track. A mortgage broker will work really hard for you and can save you the hassle of managing all those daunting details.

If you live in Long Island and want to work with the best broker, complete this form and someone from South Fork Funding will call you to get started! The company has a stellar record for over 20 years.