How to Maximize Savings by Working With an Experienced Mortgage Broker
Maximize Savings by Working with an Experienced Mortgage Broker
First-time homebuyers or veterans looking to transition from renting to owning must know how to get the best mortgage possible. Fortunately, with help from a knowledgeable mortgage broker, the process can be swift and stress-free.
Mortgage Brokers Are Like Having Your Own Personal Shopper
Working with a mortgage broker offers you access to loan options that might not be available when applying for it yourself. That’s an invaluable advantage, as competition between lenders leads to lower interest rates on your mortgage.
Mortgage brokers possess an established network of lenders, so they can quickly locate you a competitive rate and lender willing to work with your individual needs. This could save you valuable time in the long run, enabling you to purchase your dream home sooner.
They Can Help You Avoid Fees
Lenders charge a variety of fees, and mortgage brokers know when to ask for waivers or removals. This is especially beneficial if you’re a first-time homeowner or have poor credit.
They Can Also Save You Time
Shopping for a mortgage can be overwhelming when there’s so much paperwork and information to organize. A mortgage broker can assist by organizing paperwork, getting credit reports and verifying income and expenses; additionally, they will submit your preapproval application and coordinate all other necessary documents needed to close on your new home.
They Can Save You Time
A mortgage broker has extensive expertise in the industry, so they know which lenders will give you a competitive rate and which requirements must be fulfilled for approval. Plus, they often collaborate with multiple lenders to expedite the process and help expedite approval.
They Can Help You Avoid Fees
The Dodd-Frank Act prohibits brokers from charging both borrowers and lenders a fee for their services. That being said, you don’t have to give up finding an excellent mortgage broker who charges only a nominal fee while providing excellent service.
They Can Help You Cut Fees
If you’re a new homeowner, a mortgage broker may be able to get you a better rate and lower closing costs. Furthermore, they will assist in deciding which loans best meet your requirements and budget.
They Can Help You Avoid Fees
A mortgage broker receives commission from the lender for their work, so their interests may not align with yours. For instance, if one lender provides excellent terms but pays a lower commission than another, your broker could suggest the former in order to increase his or her own earnings.
