Often it is asked why realtors prefer to work with mortgage brokers instead of banks. Let’s answer that question:
- A mortgage broker can help you with all aspects of a mortgage, from figuring out how much you can truly afford to purchase, help determine the best mortgage product for you, find ways to save you money and pay off your mortgage faster.
- For people who are inexperienced with negotiating, who aren’t sure what the best mortgage product is for you or have a less-than-stellar credit rating, you can save time, money and hassle by using a mortgage broker.
- There’s no cost to you as the client, based on approved credit. Mortgage brokers are paid by the lender, not by the client who is using the mortgage broker’s service, based on the approved loan amount.
- A mortgage broker also acts as a go-between during the loan application process. They are on your side, working with the lender, realtor and lawyer to get your loan closed. During the loan process, things can come up that a broker will handle effortlessly for you.
- Mortgage brokers have a number of lenders they work with and know which type of loan is a best fit for your financial situation. A broker knows how to nudge the process along and can resubmit a loan package to a new lender very quickly if your application isn’t moving along well. Your loan process should move more efficiently with a broker.
- You are the mortgage broker’s number one priority and when it comes to mortgages, rates, and the housing market, they speak to you realistically. They can explain the mortgage terms and conditions so you can choose confidently.
- In addition, you can always have your mortgage broker review your loan a few times a year to see how you can pay it off faster, or whether it is still competitive and the right product for you.
If you have questions or concerns about your mortgage situation please ask.