Whether you’re thinking about buying a home or refinancing, talking a mortgage broker can give you the advice you need
There’s a ton of information online about why to work with a mortgage broker – and we’ve talked about it too – but it’s not always clear when you should get in touch. Is it when you start your application to a bank, when you start looking for a home, or some other time? The answer isn’t quite as simple as ‘it depends on your situation’. Really, the best time to talk to a mortgage broker is now.
Understand Your Next Step
Getting in touch with a mortgage broker can help you better understand what you need to do next in your homeownership journey. Whether that’s being hyper-responsible with credit cards for a few months to build your credit score up, doing some light home renovations before an appraisal for a refinance, or getting specific documentation ahead of time time, a broker can help you understand what you need to do next. Nothing is worse than starting a mortgage application and suddenly being under enormous pressure with a tight deadline – and needing to figure out exactly what you need to do. As an added bonus, most mortgage brokers – ourselves included – can get you pre-approved for a loan in mere minutes, which makes your house-hunting far easier (contact us here or by phone to start the process).
Knowledge is Power
By talking to a mortgage broker and better understanding your financial situation, you can make more informed decisions. If you know that you can relatively easily qualify, or you’ve already been pre-approved, you have a better idea of what kind of house you can afford. This simplifies your home shopping experience, and helps you stay firmly in your price range.
Understand the Fees
With any mortgage, there are expenses – paying for appraisals, escrow costs for closing, and more – and knowing how much these costs could be often isn’t clear. By talking to a mortgage broker before you start your application you can have a better idea of what kind of additional costs you might be facing as a borrower.
Form a Relationship
Pursuing any loan is hard. But working with the right broker can make the process much more manageable, and far less stressful. Getting to know a mortgage broker beforehand and developing a working relationship with them will make those stressful moments better, because you’ll know you’re in good hands.
If you need advice on how to get pre-approved or want to start any kind of mortgage proceeding – whether that’s a refinance, equity take out, or anything else – get in touch with us! We’ll guide you through the process from start to finish, and get you the loan that’s right for you.