Do You Need a Mortgage Broker to Buy Land?

If you’re like most people who are buying land for sale in North Florida, you need to take out a mortgage. But should you work with a mortgage broker?

Here’s what you need to know.

Here’s the bottom line: You can work with whomever you want to when you buy land. It’s your transaction, and the people you need to help you should be there.

But working with a mortgage broker isn’t for everyone. There are pros and cons you should know:

You’ll get more options with a broker
You’ll pay a fee for working with a broker
You’ll save time with a broker
You could be steered into a loan product that’s not the best choice

Let’s take a closer look at these.

Mortgage brokers give you all your options, but they charge you a fee for doing so. While a lot of people prefer to go to their own banks and ask for a loan, some others would like to see where they can save or what other options are available. Just remember, in many cases, brokers charge between 1 and 2 percent of your total loan as their fee.

Brokers can save you time, but they might have preferences and steer you toward certain lenders. While brokers do all the heavy lifting of finding loan products and comparing lenders, you have to remember that some brokers prefer working with certain lenders – and they may favor them, which could come at your expense.

Are You Buying a Home or Land for Sale in Lake City?

If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.

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