When should I speak to a mortgage professional?

Sometimes the first steps in the home buying process can be like writer’s block. You have a general idea of what you want to do, but you don’t know how to start the process. Do you find a real estate agent first or do you find a mortgage broker? How can using a mortgage broker help you in the home buying process? Can a mortgage professional help you even if you are in the middle of your current term? While the mortgage may seem like a small part of the whole homebuying process, there are many advantages to finding a mortgage broker to help with buying a house and even afterwards!

What is a mortgage broker?

A mortgage broker acts as a representative for you when working with a mortgage lender. They are a valuable resource in the home buying process and can help prepare your mortgage application, financial documents, and work to get you a pre-approved mortgage. A broker works with a number of mortgage lenders and bankers to help find a loan that works best for you. They have frequent contact with a wide variety of lenders, which can work in the borrower’s favor. In certain instances, a mortgage broker may be able to get the lenders to wave some of the fees that come along with working with a new lender. This can cut down on some of the expenses that come along with buying a home!

When should you find a mortgage broker?

Typically, you will want to find a mortgage broker before you find a realtor. Buying a house is a major investment and will involve your personal finances. When you go to a mortgage broker first, you can get a pre-approved mortgage. A pre-approval is a valuable tool when buying a home because it means that a lender has checked your credit and can approve you for a specific amount of money to borrow. This will help give you an idea of how much you can afford when looking for a home. A mortgage broker can help you look at outstanding debts that you have, savings and investments in your name, and your credit score. While they can’t make decisions about how you spend your money, they can give you general advice to help you set yourself up to look good for the lenders.

What if the process is started already?

Even if you are already in the middle of the homebuying process, or if you have already bought a home, a mortgage broker can still benefit you. If you’ve already purchased a house and are in the middle of your current term, it doesn’t hurt to ask about what will happen at the end of that term. Generally, most people stick with their current lenders when renewing their loan, but a mortgage broker can help advise you on if that’s the best option. Sometimes they can help you find a lower mortgage rate, or one with better terms and conditions. With the help of an unbiased mortgage professional during the renewal process, they can advise you on what’s best for your debt. This could be refinancing your mortgage instead of signing the lenders’ renewal, which you may not have known about without the help of a broker.

No matter where you are in the homebuying process, whether you are just thinking about buying a home or you’re in the middle of your current term, enlisting the help of a mortgage professional is never a bad idea. Mortgage professionals are here to help you in the home buying process and will help determine how much you can spend on a house and set you up for success with a lender that works best for you.

If you’ve been looking at enlisting the help of a mortgage broker, get in touch with us here to set up an appointment with one of the professionals here at Clinton Wilkins Mortgage Team.