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4 Reasons You Should Work with a Mortgage Broker

4 Reasons You Should Work with a Mortgage Broker

couple working with a mortgage broker to get the best mortgage rates and loan

couple working with a mortgage broker to get the best mortgage rates and loan

With each passing year, more people like you are looking to buy their first home. You’ve made an offer on the house you want to call home. Now you need to figure out which mortgage lender to work with when it comes to getting pre-approved for the mortgage you need. Navigating mortgage contracts and fully understanding your mortgage options can be challenging, which is why you should always work with an experienced mortgage broker. If you need a little more convincing, here are a few more reasons as to why you should consider working with a mortgage broker like myself, Darren Robinson.

A mortgage broker is a professional who is licensed to evaluate and compare mortgage products from a variety of lenders. Their goal is to find the best mortgage loan options and to advise their clients as to which best suits their unique situations. Mortgage brokers act as the middle man between borrowers (prospective home buyers) and lenders. Unlike a bank, where you are offered a mortgage from their list of products, a broker provides you access to many different lenders and their mortgage products.

A mortgage broker represents you in negotiations and has connections to a variety of lenders, loan types, rates, and discounts in a highly competitive market.

This means that brokers may be able to provide you with access to lower mortgage rates than you you could secure yourself at a bank. In addition, a broker can help you avoid lenders offering unmanageable payment terms or high rates. They can also negotiate with lenders to reduce or waive fees that can save you hundreds to thousands of dollars over your mortgage term.

A mortgage broker can help you save time in closing on a mortgage.

It is your broker’s responsibility to find you the best lenders and rates based on your finances. Your mortgage broker will make the calls, file the paperwork on your behalf, and coordinate underwriters. Underwriters fact-check the loan approval process to ensure the finances you provided in your mortgage application are accurate. They will verify that you meet all the requirements of the loan program you are applying to. They also ensure you file the necessary paperwork accurately to save time.

A mortgage broker can help protect your credit standing by checking your credit score only once.

If you contact mortgage lenders or multiple banks individually, your credit score is checked multiple times and the more inquires that are made on your credit score raises red flags for potential lenders. Having your credit score checked by many financial lenders can even decrease your credit score. A mortgage broker on the other hand only needs to pull your credit report once, and will then submit that credit report to any lender on your behalf for reference.

Mortgage brokers offer expert advice.

Not only does a mortgage broker tailor a mortgage to your specific needs and what you can afford, but they advise you along the way. Being a first-time homebuyer or even a real estate investor having an expert in your corner helps you make solid decisions for the right reasons. You can trust your broker to find you a lender that is more flexible with payments or a lender able to work with unique situations like if you are self-employed. They can also help you understand certain financial terms such as liens and guarantor in your loan application process. Great mortgage brokers will help you understand what to expect throughout the mortgage approval process and throughout the legal process of transferring property too.

If you’re on the hunt for your dream home, give me a call today at 705-315-0516 or click here to book a virtual meeting with me online to talk about your mortgage options and available rates.

In working with an experienced mortgage broker like myself, Darren Robinson, you will find the best rates specific to your unique financial situation. My commitment to you is not only to save you time and effort but to advise you as to how to navigate the mortgage world throughout your lifetime as a homeowner which could help save you thousands of dollars long term.

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