When you’re buying a house, the mortgage you end up with is important because each mortgage is a little bit different. Rather than searching for the best mortgage yourself, which is time-consuming and stressful, you can let a professional mortgage broker do it for you.
These brokers don’t actually lend you money, but they’ll help you find the best loan so that you can save some money and get the loan that’s right for you. Here are some of the many advantages of working with one of these experts:
1.You Get Access to Many Different Lenders
Brokers work with hundreds of lenders and can find you the very best one for your needs. They are not committed to just one lender but have access to lots of them, which means they will take the criteria you’ve set forth and find the one that’s right for you based on that criteria. This guarantees that you’ll find something perfect every time.
2. They Can Help Determine What House You Can Afford
If you’re not sure how much house you can afford, the right mortgage broker such as Canadian Mortgage Services can help. They’ll take all of the information you give them regarding your finances and let you know the amount you can spend on your next home. It’s good to do this before you start looking at houses so you won’t waste time looking at ones you can’t afford or don’t want.
3. It Saves You Both Time and Money
Because brokers work with so many lenders, they can find you the lender that offers the lowest interest rate and the best terms and conditions. You’ll still want to read the “fine print” before you sign anything, but with the right broker, you can rest assured that you’ll get the best terms and conditions and a great annual percentage rate (APR) on the loan.
4. They Give You a Head Start
A broker can get the paperwork you’ll need to complete the loan process done quickly so that you get a head start on the loan process. Most people realize that there is a lot of paperwork involved with every home loan, but a broker can get all of the documents started and usually completed before the day of closing, which means your closing day is a lot less stressful.
5. They Can Work with Less Qualified Candidates
Your credit score is always considered when you’re applying for a home loan, which means that many banks and other financial institutions won’t work with you if your score is too low. A mortgage broker has access to lenders who work with clients who have less-than-perfect credit scores, which means you’ll be able to qualify for your loan a lot easier.
6. They Stay Involved throughout the Process
Brokers don’t just get involved in the beginning and then leave. Instead, they are there with you throughout the entire process in case you have any questions or concerns. They are essentially a middleman between you and the lender, and they’ll coordinate everything from start to finish so that everything runs smoothly and on time.
7. They Can Sometimes Get Fees Waived
With any lender, there are various mortgage fees involved and therefore, a lot of money is added to your regular loan amount. These fees are not out of the ordinary, but the right broker can often work with the lender to get the fees either reduced or waived altogether. This, in turn, can save you hundreds and sometimes even thousands of dollars on your loan.
8. They Can Help You with Legal Terminology
If you work directly with a lender, they will often expect you to know the laws and legal terminology related to the loan papers. Yes, they will answer questions if you do not understand, but a broker takes extra time and makes sure you understand what you’re signing.
Since they are not committed to providing you with just one type of loan, they go the extra mile in making sure you understand the terms of the loan options available to you so you can decide for yourself which is the right one for you.
9. They Make Sure Nothing Is Forgotten
Before you meet with the lender, a mortgage broker makes sure that all of your I’s are dotted and all of your T’s are crossed. They’ll make sure you have all the necessary documents ready to go before closing day, so you can think of them as an extra set of eyes and ears along the way. This means nothing important is ever forgotten or overlooked, saving you a lot of stress in the meantime.
10. They Save You Money
Overall, the biggest advantage of working with a broker is that you can save a lot of money. Since the broker’s job is to find the loan that is best for your particular needs, you’ll always save money with the loan you choose. This is partly because brokers are not required to choose one certain mortgage over another for their clients.