Everyone knows that the real estate market started crashing since 2008. And, since then, broker businesses have encountered the same fate. Knowing this, you then ask yourself, what are the benefits of using a mortgage broker today? Are they still recommended?
The process and experience of looking for a mortgage on your own can be unnerving, especially when you are handling all the paperwork and applications on your own. In addition, the wide selection of mortgage products available today could have you end up spending hours browsing through the mortgage deals from various companies. Luckily for you though, working with an experienced and competent mortgage broker can help you find the right mortgage with ease. Here are the benefits of having assistance from a mortgage broker:
The number of lenders from which to choose from is very large. In addition, filling out application forms, sourcing pre-approval, and applying for government grants or incentives can lead to stress. Even spending hours on the computer or calling lenders, directly or indirectly, can be tiresome. Don’t forget the process of comparing all the different deals with each lender, and then comparing the lenders against one another… Whew! This is where your mortgage broker comes in. All you have to do is hand over to him the whole process and let him do his magic. Some mortgage brokers are also willing to make appointments at the time and place of your choice, including after work hours or on weekends. Now that is convenient.
A seasoned mortgage broker will already have established contacts and relationships with a wide range of lenders in his years of practice. Also, having a mortgage broker work for you can help you differentiate the various loans which can make a big difference in the long run. They can also discuss to you the pros and cons of different options which be extremely valuable in ensuring you end up with the home loan of your preference.
The best deal possible
Your mortgage broker can also source a wide range of mortgage deals and will then screen the ones that offer the best value in terms of interest rates and monthly repayments. In fact, some mortgage brokers these days use specialized software to access the latest loan information from a variety of lenders. They can then match and compare this information with your own needs, circumstances, and budget. This helps you to identify which lenders your application is most likely to be successful with too.
A final word of advice. Work with a reliable mortgage broker with solid references and ask them to guarantee their loan estimates. How do you choose a reliable mortgage broker? Stay tuned, maybe we might have something to answer that question soon!