Why would you need a mortgage broker when shopping for a home? After all, you are smart and savvy, right? You can surely find a great deal on a mortgage without any help!
That’s what many people think, but these same people then end up paying way more than they should for their mortgage. If you want to save money and get a great deal, you need to hire a mortgage broker. Here are 10 reasons why.
- Mortgage brokers are experts in their field and work on commission. The better the deal, the more they make.
- When you visit a bank, you can only choose from the options they offer. Working with a mortgage broker gives you access to a whole network of lenders who will be competing to give you the best deal.
- A mortgage broker will work with you personally to make sure you get the deal that is best suited to your needs. You do not have to worry about having to settle for a “one size fits all” loan.
- Your broker works for you, not for a lender. You can feel confident that he is on your side and is always looking out for your best interests.
- Negotiating with a lender can be a nerve-wracking experience for most people. Brokers are used to negotiating, so they can haggle to get you a great deal.
- Lenders frequently offer deals and promotions that can save you a lot of money. A broker will be aware of these offers and can bring them to your attention.
- Working with a broker lets you pre-qualify for a loan so that you can lock in a favorable interest rate. This speeds up the process and can save you thousands of dollars.
- Unexpected obstacles can arise during the application process, and dealing with these can be tough. Your broker can help you avoid these obstacles or deal with them as quickly as possible.
- Every time you apply for a loan, your credit history is checked. Too many checks can actually lower your rating. With a broker, you only need to have your credit checked once, thereby preserving your excellent rating.
- Brokers are paid by the lender, not by you. You never have to worry about getting a bill from your broker, no matter how great a deal he finds you.