There are countless reasons to work with a broker, but some are more important than others
Getting a mortgage can be a complicated and confusing process, which is why so many people recommend working with a mortgage broker. But it’s not always clear exactly why you should work with a broker, so we’ve put together a list of the top 5 reasons working with a mortgage broker is the only way to get a mortgage.
- Get a Better Rate
For most people, this is the biggest reason they choose to work with a mortgage broker. Mortgage brokers have access to wholesale mortgage products that aren’t available to the general public, meaning they can get you a better interest rate than if you were to work directly with a bank. A lower interest rate means you pay less money over the term of your mortgage, saving you potentially thousands.
- Get Treated Like a Person, Not a Number
Most mortgage brokers get the majority of their business through referrals, which heavily incentivizes them to give every one of their clients the best service they can. This means you get treated like a person, not just a number on a bank’s balance sheet.
- Get the Loan That’s Right for You
While the interest rate is incredibly important to any mortgage, there are other factors that might make one product better for you than others. Things like prepayment privileges, lender-specific requirements for qualification, and portability all affect how well a mortgage fits your situation. Different lenders will offer different products, so having a mortgage broker evaluating all the options for you means you get the loan that’s right for you.
- Save Time
Filling out a mortgage application, sending in documents, and answering questions from a lender all take a significant amount of time – now imagine doing that for multiple lenders! Mortgage brokers take that burden away, saving you time that you can spend getting ready to move into your new home.
- Benefit From Years of Experience
Most mortgage brokers have been working in the industry for years before going out on their own, so they’ve been through this process before. If any hiccups happen during the application or funding process, it’s highly likely that they’ve seen all of this before, and know how to handle your specific situation.
There are so many reasons to work with a mortgage broker even beyond what we’ve listed here, but these are by far some of the most important ones. Getting the unique mortgage solution that you need is critical, and who doesn’t like saving time? If you need a mortgage we’d be happy to help, and you can get in touch with us here.