Top 3 Reasons to Work with a Mortgage Broker
What is a Mortgage Broker?
For someone just stepping into the world of real estate and purchasing their first home, mortgage broker may not be a familiar term. A mortgage broker is someone who liaises between a home buyer and various financial institutions to secure a mortgage loan. Historically a mortgage broker was someone who was only used when an applicant was turned down by his or her own bank for a loan. Now a days, using a mortgage broker to secure financing is extremely common and even the preferred choice.
Benefit 1 – Get the Best Rate
Something that all home buyers have in common, is that they want the best rate available to them. A mortgage broker understands this, and because they have access to over 40 different financial institutions, they are able to compare products and find the absolute best rate for you.
Benefit 2 – Saves You Time
A mortgage broker works on your behalf to secure your loan as quickly and efficiently as possible. Individuals in this profession eat, sleep and breath mortgages, so they know exactly what sort of paperwork and information is going to be required for submitting your loan application. A mortgage broker organizes all of the paperwork and submits it to the lender on your behalf. If there are any issues or follow up requirements, the lender will speak to your mortgage broker and they will contact you if required. The entire behind the scenes, back and forth work can be avoided by working with a mortgage broker. This gives you time to things that you actually want to do, like finding your dream home!
Benefit 3 – There are No Service Fess
Our research indicated that one of the only reasons home buyers are hesitant to work with a mortgage broker is because they think that having someone take care of all the paperwork, compare lender products, and manage the entire process is going to be expensive! For someone buying a home, the last thing they want to add to their plate is another expense.
To clear this misconception up, we spoke to Erica of Vancouver Mortgage. She is mortgage broker who helps people get mortgage approvals in Coquitlam, Vancouver, and all across BC. She noted that “because mortgage brokers are working for you, it makes sense to think you are required to pay them for their services. However, a mortgage broker gets paid by the lender who approves your mortgage, and only once your mortgage is approved and funded.”
Where to Find a Mortgage Broker
Any BC residents can easily find a mortgage broker here. For home buyers who live elsewhere, asking family and friends for recommendations is always a good idea. And alternatively looking online for a trustworthy mortgage professional is fast and easy. Taking a look at a mortgage broker’s online reviews can help you make a decision on who is the best fit.
Considering that mortgage brokers get you the best rate available, take care of all the busy work, and don’t cost you anything, it doesn’t make sense not to work with one when purchasing a home. Plus, there are lots of mortgage brokers to choose from. No matter where you are located, there will be an experienced mortgage broker close by who can get you from application to approved, as painlessly as possible!