Buying a home, even with today’s low interest rates, often requires diligent research and market knowledge to find the mortgage that best meets your personal financial needs and situation. When it comes to sourcing, advising and arranging the biggest investment you’ll likely make in your lifetime, having a mortgage broker on your home-buying team makes good sense.
Professional mortgage brokers are specialists whose job it is to stay on top of the ever-changing nuances and lending rates of the housing market. As independent consultants, they don’t represent any one financial institution or lender, but rather source from a wide spectrum of home financing products and services according to the needs of each deal.
If you are shopping for your first home, looking to renew your mortgage or are curious if there is a better deal out there for your current mortgage, here are a few reasons why speaking with a mortgage broker is a good idea:
MORTGAGE RESEARCH MASTERS
Mortgage brokers know the home-buying industry inside and out and have in-depth knowledge of the many different mortgage offers available from virtually all lenders. Plus they have access to unique products. With their understanding of the mortgage lending landscape, and their finger on the pulse of industry trends and rates, they have the inside edge in finding you the best deal at the best rate.
Every homebuyer’s circumstance is different when it comes to securing a mortgage loan. Maybe this is your first home? Perhaps self-employment is causing a challenge? Other factors such as a low credit rating or a situation like a divorce-proceeding buy out can pose obstacles. With their wide network of resources, mortgage brokers are invaluable when it comes to shopping your mortgage to different lenders and finding solutions tailored to your needs and financial situation.
AN UNBIASED PARTNER
Because mortgage brokers aren’t tied to any one lending institution, they have your best interests top of mind in offering objective advice and mortgage product recommendations. Mortgage clients don’t typically pay for a broker’s services. In most cases, the end lender covers that fee which is typically based on the size of the mortgage, not the rate. Therefore, finding you the best deal is in their best interest.
TIME SAVING EXPERTS
House hunting is time consuming never mind shopping for a mortgage you can live with. Mortgage brokers take on the task of searching for the perfect financial agreement, investing the time to not only source a lender, but to also negotiate the best rate, terms and conditions on your behalf. Acting as your personal homeownership consultant, brokers also walk you through the mortgage application process and paperwork from start to finish.
If securing a mortgage is in your future, speak with a mortgage broker to see how they can help get you a better deal.