You have saved up for your down payment and are now prepared to start your mortgage applications. This will help you determine your budget before you start looking at houses. While some people might apply directly to their bank, there are several advantages to working with a seasoned mortgage broker to guide you through this process. In the end, you want to be approved for the mortgage with the best terms and the lowest monthly payment. Here are some reasons why working with a broker is the best way to ensure that you get the best mortgage loan possible.
1) Applying to multiple lenders is recommended for finding the best mortgage loan for you. It is always a good idea to apply to more than just your bank, however some specialized lenders will only accept applications through brokers. Having access to all of your potential mortgage lenders is in your best interest, as this increases your chances of finding the best mortgage loan for you.
2) The mortgage broker will act as your professional representative and communicate with the lenders on your behalf. Instead of applying to each lender separately, all you have to do is provide your mortgage broker with your information and documentation once! This significantly reduces the workload and makes the process much simpler.
3) Understanding the mortgage products each lender offers is crucial if you want to make sure you get the best deal at the lowest interest rate. This is a huge undertaking for anyone, so consulting a reputable mortgage broker will guarantee that you have all the information you need to make the best choice for your particular situation.
4) Throughout the mortgage application process, there is an endless list of questions that might arise. These questions will vary from person to person depending on your situation. The value of having a broker provide you with professional, knowledgeable mortgage advice at each stage of the process cannot be overstated.
Once you have been granted the Mortgage Approval in Principle that you are satisfied with (followed by your loan offer), you can confidently know that you have taken the necessary steps to make an informed decision about your mortgage. This is likely to be one of the biggest financial decisions you will make in your lifetime, so seeking professional assistance is highly recommended!