4 reasons to meet with a broker before you start shopping

Should you meet with a broker?

Why should you meet with a broker? With the tap of your index finger, you can find the best deal for anything. Items catch our eye all the time when we go shopping. For instance, we are out shopping for a new pair of boots for the snow. A merlot coloured pair of Timberlands catch our eye and we just know this is our new pair of boots for the snow. However, we catch a glimpse of the price on them and realize that they are slightly out of our budget. We would rather not stretch our budget any further for a new pair of boots. With a quick swipe and search online, you are able to check major websites to see if there is a better price out there on the shoes. Google acts as a type of middleman when we are on the hunt for the best deal out there.

Technology is constantly advancing, and access to information is becoming easier. It can seem like we can just look online to find the best mortgage rates. But, calculating and figuring out the best mortgage rate for your unique situation is a little bit more complex. It can be time-consuming for a borrower to do all the research on their own. They also may not have access to all the best deals available. Fortunately, a mortgage professional is your trusted partner in the mortgage industry. Mortgage brokers go beyond simply finding the borrower the best rate, and benefit borrowers in a variety of ways before you start shopping. Here are some reasons you should meet with a broker before you start shopping.

1. Brokers have access to many lenders

A mortgage broker offers its clients a variety of options from different lenders. Mortgage brokers have connections to both banks and private lenders. This allows them to find a loan with terms that are catered to your needs as a borrower. Some lenders may specialize in a specific property type or work with a certain type of borrower. Lenders that specialize in specific things can be beneficial to nonconventional borrowers in helping them receive a mortgage.

When working with a lender, borrowers are limited to those specific mortgage products. Many times, this means that the borrower is missing out on a lower fee or interest rate that a broker would have been able to offer them. Working with a broker helps borrowers set realistic expectations when buying a home. They help find a loan catered to that specific borrower and get them preapproved for it.

2. Brokers save you time

When looking for our new pair of snow boots, we rarely settle for anything less. We continue to browse at products since we know to not settle for the first one we come across. Same with shopping for a mortgage. Typically, we look at several products to find the one with the best terms and lowest fees. Doing this all by ourselves can become quite time-consuming.

Without a mortgage broker, we have to fill out multiple applications for each lender. Collecting pay stubs, tax returns, and bank statements for each individual application is a lot of paperwork and time. Luckily, there is only one application to fill out when working with a mortgage broker. This will cut down on the amount of time you’re spending on mortgage applications and paperwork you have to collect. Additionally, mortgage brokers will help create comparisons of the products for you. This allows you to make an informed and educated decision without having to spend nearly as much time on all the research and applications.

3. Brokers save you money

A mortgage broker is offered the best rates on mortgages from the lenders. Mortgage brokers can then offer those rates to you. This means that the total cost of the home loan will be lower than what you would typically get going straight to a lender. Moreover, there are a variety of different fees involved in getting a mortgage. An experienced mortgage broker may be able to help lower or wave some of the mortgage fees.

Brokers are experienced in all of the costs throughout the mortgage process. This includes fees, like appraisals, inspections, and closing costs. Mortgage brokers will give you a solid idea of the total costs involved with your new home. This will help prevent a lot of headaches along the way!

4. Brokers will find the best deal for YOU

A mortgage broker always has your best interests at heart. They go above and beyond in finding the mortgage that fits your lifestyle. They will look at your financial background and specific needs to pinpoint a mortgage that precisely caters to you.

A mortgage broker goes beyond tapping and swiping away on a smartphone screen to find you a mortgage. A mortgage broker will look at your specific needs and will give you financial advice based on that. They will find you the best rate, while also saving you precious time. 

Book an appointment with our mortgage specialists at Clinton Wilkins Mortgage Team before you start your house hunt. We will help you with your goals and plan so that you know what you can afford before stepping foot in the first open house. When it’s time to meet with a broker, you can give us a call at 902-482-2770, or you can get in touch with us here!