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Why use a Mortgage Professional

Anyone looking for financing to buy the house of their dreams has two choices; they can approach their regular bank and beg and plead to be accepted for a loan or they can use a licensed mortgage professional. Most people approach their bank first, get turned down and then use a broker to secure the financing they need.

The biggest advantage is that a licensed mortgage professional works for you, not the lender. When you apply to your regular bank, they will only offer you their own products, which is what you expect, but a broker works with a number of different financial institutions to find you the best deals and the lowest rates.

A licensed mortgage professional understands that you don’t want to pay high fees and interests rates and works hard to negotiate with lenders on your behalf to secure the best deals. They go through the mountains of paperwork from each lender to determine the best match based on your budget and financial situation.

Because of the industry these mortgage professionals work in, they are constantly up to date with the latest lending trends and interest rates, which enables them to provide you with the latest and most current information available at the time of your enquiry. These brokers are able to offer you advice, make recommendations and ensure that you make an informed decision on which option to choose to suit your needs and budget.

Their job isn’t only to take your information, shop around and find you a great deal. These mortgage professionals are dedicated to providing you with all the information and education you need to make the best decision to suit you. If you feel uncomfortable with your broker or feel they are trying to push a certain loan over any others, then this may be a red flag and you should consider using another broker.

It is essential you feel confident in your broker’s abilities and if you feel they are not working with your best interests at heart, then there is nothing stopping you from moving on. The best place to find a great broker is through family and friends. Word of mouth is often the best recommendation, over anything you find on the internet.

A family member who has recently used a mortgage broker isn’t likely to recommend them if they had a poor experience, but if they had an excellent experience and found the entire process easy and fast, then they won’t hesitate to recommend you use the same broker they did.

Always have a list of questions ready to ask your broker, even if it is your first meeting. Don’t be shy to ask them how long they have been in the industry and why they feel you should use their services. Remember that even though you aren’t paying them, they do receive a commission payment from the lender, so they need to work for their money and there isn’t any reason why you should not make them sell themselves to you. You can learn a lot about your broker following this method.

Of course one of the best advantages to using a broker is that they handle all the paperwork. They ensure all your documentation is in place and they help you complete the application. They stick with you throughout the process, ensuring you understand what is happening and ensuring that the processing time is met so you can move into your new home on the date anticipated. You can’t afford to have the dates changed due to delays you weren’t expecting, especially if you have already given notice at your current address.

For more help with your mortgage, feel free to contact us!

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