Are you on the fence about hiring a mortgage broker?

If yes, at least one thing is certain: You’re looking to buy a home.

Homeownership is a great achievement for anyone but before you get there, you’ve to go through the often painful process of securing a mortgage – unless you have the funds to pay for the property in cash.

Getting approved for a mortgage is a multi-step process. On your own, you’re likely to make errors that can result in delays or even denial. This is probably one of the biggest reasons you’re considering getting the help of a mortgage specialist.

In this article, we’re sharing the top reasons why you should dispel the uncertainty and hire a mortgage broker.

Read on!

1. Find the Right Mortgage for Your Needs

Getting a mortgage isn’t as simple as walking into a bank or any other home loan lender and starting your application. You have to choose the right mortgage for your needs.

Here are the different types of mortgages:

• Conventional mortgage
• Government-backed mortgage, such as FHA loan, VA loan, and USDA home loan.

What’s more, either of these loans can be either a fixed-rate loan or a variable-rate loan.

While conventional mortgages are the most commonly sought, it doesn’t outright mean it’s the best for you. Perhaps you qualify for a government-backed mortgage such as the FHA loan, which typically has better terms and conditions compared to conventional mortgages.

The big question is: how do you identify the right mortgage for your needs? How do you even establish whether you’re the target market for a government-backed home loan?

This is where a mortgage broker comes in. This professional has an in-depth grasp of the various mortgage loans and after assessing your situation, they’ll be in a good position to advise on the loan you should go for.

2. Get a Mortgage with the Most Favorable Terms and Conditions

A mortgage broker doesn’t just help you identify the right mortgage for you. They’ll connect you with the best lender. This is the lender who’s offering the most favorable terms, such as lower interest rates and processing fees.

How does the broker do this?

While mortgage brokers don’t work on behalf of any mortgage lender, they have information on what the various lenders and offer. They know who has the best deal.

As such, you can count on your broker to put your interests first as they help you find the best mortgage and the best lender.

3. Get Help with the Paperwork

A mortgage broker’s primary goal is to ensure your mortgage application is approved without any delay. To do this, they provide all the support you need when filing the paperwork. If the lender needs more information, the broker will advise you on how to proceed.

Once the mortgage is approved and you’ve made an offer to a property seller, your broker can advise you on closing costs and other procedures, especially if you don’t have a buyer’s agent. View here to learn more about closing costs.

Hire a Mortgage Broker

For most prospective homeowners, a mortgage offers the only path to homeownership. Yet, the mortgage world can be vast and tricky to the uninitiated. You need a professional to hold your hand and guide you. This professional is a mortgage broker!

Explore our blog for more homeownership tips and advice.