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using a mortgage broker

A review of the benefits of using a mortgage broker

Entering the housing market can be as intimidating as it is exciting. While the thought of owning the perfect home is thrilling, the process might be daunting. That’s why using a mortgage broker can be one of the most comforting decisions you can make! Brokers are dedicated mortgage professionals who will commit themselves to guiding you through the home buying process from start to finish. There are tons of benefits of using a broker’s services, so let’s review some of the biggest advantages of having a broker on your team.

Access to more lenders and better products

If you work with your local bank, you will only have borrowing options provided by that bank. This is a pretty narrow scope, considering the various lenders out there, but banks won’t be offering you products from another competitor. Using a mortgage broker gives you access to a wider range of lenders. Since brokers aren’t attached to any specific lender, they can set borrowers up with whichever lender they think would be most suitable. Plus, some lenders only work with clients introduced to them by a broker, so using a mortgage broker can give you better access to lenders. Along with more lenders comes the potential for securing better products. Naturally, the more options you have, the more likely you are to find your perfect product match.

Less stress and work for you

It’s no secret that buying a home is stressful. Using a mortgage broker takes a lot of that stress away from you. With a broker, you don’t have to worry about navigating the market alone, trying to find the right budget and a lender to finance your mortgage. Brokers can help you determine your home buying goals, and how your income and expenses make up your budget. They assist you with calculating various costs, finding a lender, and can even give you guidance on how to find the right real estate agent. Most importantly, brokers educate you on the types of mortgages and which one is most beneficial to you. Plus, brokers can review your documents and paperwork with you to ensure nothing is missing, and your application process goes as smoothly as possible.

A professional is on your side

The truth is banks work for themselves, but brokers work for you! Brokers’ success comes from making their clients happy and satisfied with their mortgage experience. Without a successful client experience, brokers have no business. This means brokers are dedicated to working for you and being on your side throughout the entire process. They will be committed to finding you the best product and lender, and they advocate for you in the market. Brokers can also assist you with your budget and buying goals, which is especially useful for new buyers just starting out in the market. Brokers won’t push you on any specific lender or product, because they don’t benefit more from one lender than another. Brokers are paid a standard amount across the industry, so they aren’t going to try to send you to one lender in particular.

Focused dedication to mortgages 

Mortgage brokers have one focus, and that is securing the best mortgage product for their clients. Unlike big banks, brokers don’t have dozens of other focuses and priorities that you need to compete with as the borrower. This means using a mortgage broker gives you the help of someone whose focus is on how to get you the best mortgage. Brokers can help you determine which mortgage route to take, whether that be conventional or alternative, what interest rates you may be looking at, and whether variable or fixed rates are best for you. You can think of a broker a bit like a server, helping you select the most fitting option on the menu to meet your needs.

Often free

Using a mortgage broker gives you a huge boost in the market, and the best part is it’s often free for the borrower. Brokers are paid a finder’s fee by the lender who ends up working with the borrower, so the clients don’t pay the broker anything for their services. Since buying a home is already a pricey process, it’s a relief for clients to know they don’t need to shell out more for the help of a broker. Sometimes, often with alternative mortgages, clients will have to pay a fee to the broker. This can be the case if the client has poor credit history and the broker has to find a suitable lender. If this happens, brokers will be honest upfront about it, so you won’t run into unexpected costs.

Using a mortgage broker is one of the best decisions you can make during the home buying process. We are fully committed to giving you the mortgage experience you deserve, and finding you the best product for your needs. If you’re looking for a way to make your buying experience simpler and less stressful, a broker is a good place to start. 

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.