An independent mortgage broker is a must for all homebuyers.
By: Phoenix Lee/
The home buying process – from application, liaising with lawyers, compiling the documentation, and finally disbursement – can be a tedious, time consuming process. Which is why every homebuyer needs an independent mortgage broker to guide him or her through the process and teach then how to buy so that they don’t stress themselves out.
Here are 10 reasons why every homebuyer needs an independent mortgage broker:
1. Get Independent Advice On Your Financial Options
Most independent mortgage brokers and mortgage agents are not tied to any one lender or range of products. An independent mortgage broker’s goal is to help you successfully finance your home or property. They will start by getting to know you and your homeownership goals. They will make a recommendation, drawing from available mortgage products that match your needs, and they will decide together on what’s right for you.
2. Save Time With One-Stop Shopping
It could take weeks for you to organise appointments with competing mortgage lenders – and an independent mortgage broker knows you’d probably rather spend your time house-hunting! So they would work directly with dozens of lenders, and can quickly narrow down a list of those that suit you best. It makes comparison-shopping fast, easy, and convenient.
3. They Negotiate On Your Behalf
Many people are uncertain or uncomfortable negotiating mortgage directly with their bank.
4. More Choice Means More Competitive Rates
An independent mortgage broker has access to a network of major lenders, so your options are extensive. In addition to traditional lenders, they also know what’s being offered by credit cooperatives, non-bank financial companies, and other sources. And they can help you take care of other requirements before your closing date, such as sourcing mortgage default insurance.
5. Ensure That You’re Getting The Best Rates And Terms
Even if you’ve already been pre-approved for a mortgage by your bank or another financial institution, you’re not obliged to stop shopping! Let an independent mortgage broker investigate to see if there is an alternative to better suit your needs.
6. Get Access to Special Deals And Add-Ons
Many financial institutions would love to have you as a client, which is why they often offer incentives to attract creditworthy customers. These can include retail points programs, discounts on appliances, shopping clubs, and more. An independent mortgage broker can do the math on which offer might be worth your attention when it comes to financing or mortgage insurance – or you get perks you deserve.
7. Things Move Quickly
An independent mortgage broker’s job isn’t done until your mortgage closes. They will help ensure your mortgage transaction take place on time and to your satisfaction.
8. Get Expert Advice
When it comes to mortgages, rates, and the housing market, they will speak to you in plain language. An independent mortgage broker can explain the various mortgage terms and conditions so you can choose confidently.
9. No Cost To You
There’s absolutely no charge for the services of an independent mortgage broker on typical residential mortgage transactions. Like many other professional services, such as insurance, mortgage brokers are generally paid a finder’s fee when we introduce trustworthy, dependable customers to a financial institution. These fees are quite standard and nearly industry-wide so that the focus remains on you, the customer.
10. Ongoing Support And Consultation
Even once your mortgage is signed and paperwork is complete, they will be there if you need any advice on closing details or even future referral needs. An independent mortgage broker is happy to be of assistance when you need it.
In summary, engaging a mortgage broker can help you save time and money and ease the process of shopping for a home loan. A good mortgage broker would be able to analyse your unique situation and recommend which home loan features are best for you. It actually makes good sense for someone who is looking to invest or someone with complex needs and goals, to use the services of a mortgage broker. It is especially an excellent option if you don’t know much about the best home loans or the home buying process.
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