Friday, January 30, 2015

The Truth About Your Mortgage Broker


Buying a house can be a really confusing and complicated process. It’s not just about finding a house, going to the bank, getting a loan and buying it. There’s a lot more steps in between including home inspections, real estate agents, renovations, among so many other things. So why should a mortgage broker be a step in between? I mean, why can’t you just go and find a mortgage loan on your own? There are so many tools online that can give you rates and compare for you right? 

Knowledge & Expertise
Sure, you could go to WebMD and try to diagnose yourself. You could figure out if that stabbing pain in your abdomen is a hernia or maybe kidney stones, but wouldn’t you rather go see an expert for that, maybe a doctor?  Yes, you can learn a lot about mortgage rates on your own by going online and doing a little bit of research. There’s tons of useful information out there for you but there are a lot of things to consider, things that may affect the rate that you’ll get based on your type of career. A mortgage broker’s job is to figure out how to get you the best fit for you as far as mortgage types go. This knowledge is priceless and can end up saving you thousands over the years. They help you navigate and narrow down what is best for you in the long run. Remember, a home is a long term investment!

Financial Planning
It’s incredibly how one little number can define you, your credit score can have a huge impact on the type of loan you can afford. It can be the difference between your dream home and a home that you’re just settling for because that’s all you were approved for. A lot of the time mortgage brokers will work with you to get the credit score that you need and that you deserve in order to get you that house that really want. Sometimes this process can take months and even then your mortgage broker does this just to get you the right home for you. They also look at all your finances and set expectations on what you realistically afford since it is easy to get carried away and get more house than what you actually need.

One Stop Shop
Mortgage brokers have spent years building a database of banks and lenders for their clients, and with that relationships with people in those places. These relationships can sometimes lead to better rates, acceptance letters and even mortgages that may not be available to the general public. This is something that a home buyer won’t be able to get just by walking into a bank or by visiting a website. Mortgage brokers shop around for you to get you the best deal possible, more importantly, the deal that is right for you. 


Buying a home is a wonderful experience but it can also be one that is very frustrating and stressful, this is why there are people out there to help you out including Real Estate Agents and Mortgage Brokers. They have been doing longer than you have and you should think of them as just another tool to get what you want.

4 comments:

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