You’ve narrowed down your dream home search and you’re now looking for the best mortgage deals to put those keys in your hand. To do so, you have two basic options: either deal with lenders or bank loan officers directly, or hire a mortgage broker to research different lenders and make the loan process simpler.
What do mortgage brokers do?
Mortgage brokers are regulated and licensed financial professionals who act as an intermediary between the borrowers and the mortgage lenders. With their vast network of contacts and expertise, they help you connect with a variety of lenders with competitive interest rates that best fit your financial situation. A good mortgage broker can anticipate hiccups in the loan process before they occur.
Let’s look at some other reasons why hiring a mortgage broker can fast track the mortgage loan process:
They do most of the legwork
The biggest advantage of hiring a mortgage broker is that they do the rate shopping for you.
Despite what most home buyers think, you can apply for several mortgage quotes without adversely affecting your credit score. After all, even a minor difference in mortgage rates can save you thousands in interest payments over the life of your term—it certainly pays to shop around.
However, the problem that homeowners face with this is that the mortgage applications can be overwhelming and long. Applying for six different pre-approvals can be a hassle, but with a mortgage broker, all this legwork is taken care of.
Whether you’re purchasing or remortgaging, mortgage brokers gather required loan options and necessary paperwork like bank statements, employment history and credit reports to help your transactions close on time.
Some mortgage lenders work excessively with brokers
Some mortgage lenders work only with brokers and consider them the gatekeepers to bring in suitable clients. What’s more, brokers can even get special rates from lenders because of the volume of business they generate for the lender.
They could get lenders to waive some fees
Taking on a new mortgage comes with a variety of associated fees, like application fees, appraisal fees and origination fees.
In some cases, your mortgage broker can get the lenders to waive some of these fees, saving you hundreds to thousands of pounds.
So, if you’re looking for a team of expert mortgage brokers, get in touch with the team at Sterling Capital Group. We guide you about different types of mortgage options and help you secure the best deals!
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