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Why Use a Mortgage Broker?

Why Use a Mortgage Broker?

Thursday, October 6, 2022

One of the most significant purchases a person or couple will make is a home.  A home, not just a house, but a home.  This is where you will want to put down some roots, and grow some branches by building a life and family.  Creating a family home for you and your loved ones. 

And more of us, rather than the few, will require some assistance in making this significant life purchase.  We will need financing.  There is a whole process required to get financing that can be confusing and complicated.  There are many different options available to choose from.  There are quite a few different forms of mortgages on the market, each with their own unique terms.  And there are interest rate options, which can be confusing as well.

When you are in the position of wanting to purchase a home, you will begin to build a team around you to assist with that goal.  You may enlist the assistance of a real estate agent.  Their job is to find suitable options for you to purchase.  You will want to have a home inspector on your team, who will ensure you are aware of any issues with the home you are planning to acquire before you take possession.  And you will need financing.  That’s where a Mortgage Broker fits nicely into your team.

Actually, a Mortgage Broker should be your first team member.  In reality, you will need to know right at the beginning what you can afford and if you can qualify for the funding.  Mortgage Brokers will do the negotiations on your behalf to get you the best mortgage at the best rate.  They have many lending options available to them that the general public may not have on their own.  And they have the knowledge and background to navigate through the terms and conditions of each mortgage offer to find the right one for your needs.

A Mortgage Broker will help you complete the application for funding.  They will walk you through the details and then submit the application to various lenders on your behalf.  The lenders are very competitive when it comes to securing these long-term loans.  They want your business.  Having a Mortgage Broker on your team is very beneficial because of this.  Your Mortgage Broker works for you, not the banks. 

When a suitable option is presented, the Mortgage Broker will go over the details with you, making sure you understand the terms of the mortgage and the rate that they have been able to secure for you.  This will also give you the total funding that you can have access to, so you know exactly what price range you can start shopping in for your home.  Rates are usually guaranteed for a specific time frame and your Mortgage Broker will ensure you know how long that rate and mortgage will be on the table for you to choose.

And if you have had any difficulty in the past trying to secure funding, due to a challenging credit situation, don’t let that deter you from consulting with a Mortgage Broker.  They often know of alternative lending options that would work for you and your situation.  Discussing this with your Mortgage Broker will enable them to start researching those options for you.

Purchasing a home is a very exciting time!  And making sure you have the professionals on your side to help with this purchase is so very advantageous.  Start with choosing the Best Mortgage Broker.  Such as Best Rate Mortgage Broker Team Red Deer.

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