Are you getting ready to buy a home, or renew or refinance your mortgage? Getting involved in real estate can be exciting, intimidating, or even stressful. To lessen the unwanted negative feelings, you should make sure you’re using a mortgage broker. Mortgage brokers play a key role in a client’s success when purchasing a home, no matter what product or service they need. While you may work with a variety of professionals throughout the mortgage process, brokers offer you unique advantages. From reviewing your finances to managing your timeline, brokers are there to help you achieve your goals.
Here are some of the biggest benefits of using a mortgage broker.
Connections to lenders
Unless you also work in the mortgage industry, you probably don’t have easy access to a big selection of lenders. However, part of a broker’s job is to connect clients with lenders, so naturally, their network includes a range of industry professionals. They know which lenders might be suitable for you based on your needs, and they can match you with professionals who are likely to serve you best. Plus, brokers often hold weight with lenders because they show a client is serious and connected with a professional already. In fact, some lenders will only work with clients who have a broker, so using a broker opens you up to more opportunities.
Saves you time
Finding the right mortgage lender can be a lot of work. On top of what you already have on your plate, it’s no secret that buying a home can be a stressful experience. You already need to think about securing a real estate agent, finding properties, saving your money and working out a budget. Finding a professional to actually approve you for a mortgage is one more task to add to your to-do list. Using a broker takes away the stress of finding a lender, as they take care of this for you. Brokers can also help you with other tasks, like sorting out your budget and recommending real estate agents they have worked with in the past. In a fast-paced market, you need to get things done quickly, and mortgage brokers can help you find the most suitable solution in a timely manner.
Saves you money
For all the work brokers do for clients, they must cost a fortune, right? Believe it or not, it doesn’t cost you anything to use a broker. They act as your personalized mortgage hunter for free, even though their services are very valuable. Brokers make their money from lenders, who pay them a fee when they connect them with a client. They also work to find the best product and rate for you, potentially saving you money on the product itself. Without a broker, you might find yourself committing to a lender with higher fees than you could have landed with a broker’s help. Brokers truly want to help you find the best mortgage solution, without costing you more than necessary.
Brokers are independent
Many mortgage professionals earn their income from selling clients their products. Lenders, for example, make money when they finance a mortgage for a new client. Brokers, however, are unbiased professionals. Unlike individual lenders, brokers don’t push you towards a certain service or product purely for their own benefit, because that’s not how they earn income. Lenders want to sell you their products, but brokers want to sell you the best product. As we mentioned before, lenders pay brokers a fee when a broker connects them with a client. Since lender payments are standard across the industry, a broker has no motivation to send you to any particular lender. Plus, brokers value giving their clients the best experience in the hopes of doing repeat business with them.
Best professional services
You’re likely not a professional in the mortgage industry, but obviously, brokers are. Using a broker guarantees you good advice on buying a home or refinancing your mortgage. Since this market is fast-paced and changes often, it’s best to have a dedicated professional who works solely for you. Real estate and mortgages can be confusing, but a broker can simplify the process. It’s smart to recognize that you don’t know everything about the industry, and that you would benefit from using a professional who spends their time mastering it. Just like you wouldn’t try to navigate the legal industry without a lawyer, the same goes for mortgages and brokers.
Using a broker is a valuable asset in this industry, especially in the current fast-paced market. Whether you plan to buy a home or refinance your mortgage, you need the right professionals by your side. Getting started can be tricky, so let a broker give you the help you need! Brokers are free, personalized, and they take away much of your stress. What’s not to love about that?
If you need to get in touch with a broker for your mortgage needs, feel free to contact me!