Takeaways:

  • FindAMortgageBroker.com connects borrowers with licensed residential mortgage professionals locally.
  • Borrowers go to FindAMortgageBroker.com to enter their ZIP codes or desired location, and a list of nearby brokers is generated.
  • Search results include the broker’s company affiliation, contact information, NMLS number and any special areas of expertise.

Potential homebuyers or homeowners considering refinancing their loans have a new online resource in FindAMortgageBroker.com, a website that connects borrowers with licensed residential mortgage professionals in their local areas.

To locate a broker in their area, borrowers go to FindAMortgageBroker.com to enter their ZIP codes or desired location, and a list of nearby brokers is generated. Search results include the broker’s company affiliation, contact information, Nationwide Mortgage Licensing System & Registry (NMLS) number and any special areas of expertise.

A screencap from findamortgagebroker.com's website.

A screencap from findamortgagebroker.com’s website.

Created by Woodward Loop Properties LLC, a Michigan corporation, FindAMortgageBroker.com can help borrowers “save thousands of dollars securing mortgage loans,” according to a news release announcing the company’s launch.

“Many borrowers wrongly assume that large retail lending institutions and banks offer the best mortgage deals. In fact, mortgage brokers are not subject to a retail bank’s overhead costs and can often secure a lower interest rate through the same large institution’s wholesale division,” the company said in a statement.

“Consumers who apply for a loan directly with a large retail lending institution or bank believe they are cutting out the middleman, but in fact, may be putting themselves at a disadvantage by not using a broker.”

According to the company’s website, local brokers usually make a 1.5 percent commission, compared with a bank or mortgage lender’s 3 percent commission. Average loan rate for a broker-generated loan is about 3.625 percent, compared with a bank or lender’s 3.99 percent.

Using a mortgage broker can save a borrower $51.97 a month, or $18,711 over the life of the loan, the company said.

These numbers are based on 30-year fixed mortgage for a house with a $250,000 purchase price, and include a borrower FICO score of 760 with 80 percent loan to value, the company said.

Email Amy Swinderman.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Connect Now starts tomorrow! Get all 3 events for just $99.Get the deal!×