A study conducted by Polygon Research, supported by United Wholesale Mortgage and Willow Canyon Advisors, analyzed 2023 Home Mortgage Disclosure Act (HMDA) data and found that consumers saved an average of $10,662 when working with an independent mortgage broker compared to a nonbank retail lender.
For VA loans, the savings were even more significant, with borrowers saving an average of $13,432 per loan when working with an independent mortgage broker.
Additionally, the study found that borrowers, whether you are a homebuyer or looking to refinance your current home loan, working with mortgage brokers paid lower upfront costs.
These findings suggest that working with an independent mortgage broker can lead to substantial savings for consumers.
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