Written by: Benjienen Toledo
Financial Planning when buying a home includes getting a loan so you need to deal with banks and other lenders directly or hire a mortgage broker.
Mortgages are a lot more challenging than you think. It takes time, effort and loads of research to compare loan rates, understand the terms and features. Thus, consulting with a mortgage broker means he/she will do the hard work.
Here are the Reasons to Consult with a Mortgage Broker
A mortgage broker first assesses your financial affairs, put together a picture of your credit-worthiness, and help you determine what type of home loan will be right for you.
Mortgage Brokers are Qualified and Specialised
Not everyone can give you mortgage advice, mortgage brokers are specialised and has undergone rigorous training to be qualified. They are knowledgeable with mortgage jargons and with the home loan process.
After the selection of a home loan, they assist you in the application process and provide tailored advice along the way, helping you secure the home loan.
Mortgage Brokers have In-depth and Unbiased Outlook
Rather than being limited to a single outlook of the lender or bank that you go to, brokers have a comprehensive understanding of the market and loan rates that change daily.
They help you make informed decisions and they can even advise you which lender has the shortest timeline in processing your loan application without any bias.
Mortgage Brokers are Independent and Gives you the Lowest Rate
Mortgage brokers are independent; they do not work for the banks or lenders thus; their recommendations are not influenced by any of them. They aren’t on the lender’s side, they look after your own interests, so they can be very accessible and hands-on from start to finish of your loan process.
With these, mortgage brokers are capable to structure your loan favorably to lower costs.
Mortgage advice from a trustworthy professional is an invaluable service because you’re protected, rest assured that the broker will recommend the best loan package and justify why it is suitable for you.
References: Money Facts, Canstar
