10 Advantages of Using a Broker When Applying For a Home Loan

People are always stuck with the question of whether they should be going to the bank or a broker when requesting a home loan.

Make sure to use a mortgage calculator like this one: https://moreirateam.com/mortgage-calculator/ to figure out what kind of mortgage you’re looking at. Here are ten reasons why it can be to your advantage to contact a broker when you’re in the market for a taking out a home loan.

1. Financially, it makes sense

For most home loans you won’t have to pay the broker a fee since the lenders pay the broker a commission for connecting applicants with them.

2. Putting your interests first

Most financial institutions and banks will try to make as much money from you during the loan period whereas a broker will be looking at your interests first and look for a loan that will best suit your unique situation.

3. A magnitude of choices

A broker can compare hundreds of loans from various lenders to find ones that will best suit your needs. They have access to a sizeable amount of information about products including offers from wholesale lenders that don’t generally advertise their services to property buyers directly. Another key aspect as to why mortgage brokers are very useful!

4. Submitting the loan application

A mortgage broker knows what the lender requires from applicants and will do the leg work of the application for you, making it easier and giving you a better chance at getting approved.

5. After-hours service

Nearly all brokers will meet with you at a time which suits you best which is an attractive selling point for families and business professionals on a tight schedule.

6. Dealing with the banks

Many people may not know that banks largely prefer dealing with mortgage brokers as they usually put forward prospective buyers who meet with all the loan criteria. It can also be beneficial to higher-risk borrowers and prevent them from being rejected and earning an adverse credit history.

7. Avoiding hidden fees

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Courtney P.

I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!