Independent Mortgage Brokers: Why a Purchase Market Sets You up for Success

With home purchase season in full swing, now’s a great time for independent mortgage brokers to show off their unique value to consumers across the nation. And while the housing market continues to thrive, high demand and low inventory are resulting in increased competition. However, it’s important to keep in mind that while the market may be competitive, the wholesale mortgage broker channel is in a strong position to succeed, especially in a purchase market. With stronger personal relationships, more loan options and unlimited access to cutting-edge technology, independent mortgage brokers like you are the obvious choice for consumers who are searching for a home loan.

Let’s take a deeper look into the reasons why you’ll be set up for success in a purchase market.

1. Your business is relationship-based

Strong, long-lasting relationships are key to a successful career as an independent mortgage broker. At the end of the day, the relationships you have, or don’t have, can make or break your business. The good news is, as a small-business owner, you actually have an advantage when it comes to connecting with community members and local real estate agents.

As a member of the local community, you have in-depth knowledge of your market that large retail lenders or banks that typically have regional or national call centers likely don’t. You are inherently able to connect with potential clients on a more personal level, increasing your credibility and instilling a stronger level of trust.

The same goes for partnerships with local real estate agents. Having a strong roster of agent partners is key for your business pipeline. As an independent mortgage broker, you’ll be able to provide a more efficient experience so you can get your shared clients to the closing table and into their dream homes as quickly as possible. This also means the real estate agent gets paid sooner and is able to help their next buyers more quickly. In short, you’ve helped beat out the competition, boost the brand reputation of both of your companies and will likely end up with additional referrals.

2. You can offer a wealth of options

One of the greatest advantages of being an independent mortgage broker is the countless number of options you have when it comes to finding the best loan for your clients. Brokers have the ability to shop various lenders across the nation, so the options you have access to are almost limitless, allowing you to help more borrowers with their home financing needs.

While some may assume it’s easier to go to their large bank or a giant online lender, that’s not always the case. These entities only have access to their own specific loan products that are obligated to one set of underwriting guidelines, limiting the borrower’s ability to get the best loan possible for their financial situation. As an independent mortgage broker, you can educate them on the wide scale of options available from a variety of lenders, and help them determine which one best suits their needs.

3. You have access to state-of-the-art technology  

As the world becomes more and more digital, so does the mortgage loan process, which actually creates an easier and faster experience for everyone involved.

Thanks to a commitment to developing exclusive technology offered by service providers and lenders in the wholesale mortgage industry, brokers have access to state-of-the-art tools that allow you to move from the application stage to closing completely paperless. Not only does this make for a more efficient process, it also makes it easier for clients to get everything done without the hassle of running back and forth with paperwork.

While home purchase season is humming, now’s the time to take the steps to ensure your current and future clients know that you can get them into their dream home quicker and easier than ever before by becoming an independent mortgage professional.

Are you interested in starting a career as an independent mortgage broker or loan officer? It’s easier than you might think, and our team at BeAMortgageBroker.com is here to help you every step of the way.