Often, when someone needs a mortgage, the first and the only option they consider is simply going to the bank, and hoping to get approved. Is that the best way to go about finding the best mortgage for yourself? To be clear, there is nothing wrong with visiting your local bank to gather information and ask questions, but it shouldn’t be considered your only option.
Many first-time homebuyers are unfamiliar with the role that mortgage brokers play in the mortgage process, but there are several reasons why using a mortgage broker in Surrey can be to your benefit, including:
Many of us are living rather busy lives. The demands of work and family can leave you with little free time, let alone the ability to visit your bank during what may be limited opening hours to consult with a mortgage specialist. A mortgage broker can provide the information that you need during a time that is convenient for you, presenting you with all the options available to you and helping you understand them all.
Mortgage brokers know the ins and outs of home mortgages. Their entire purpose is to help you make your dream of purchasing a property come true and they can find the best way to do it. They understand that there is much more to consider than just the interest rate and will take all the various factors into account when finding you the right home loan.
When you visit your bank seeking a mortgage, they will present you with what they have available and that may be a decent number of options, but a mortgage broker has access to hundreds of different home loans from many different lenders. This means you will have a greater choice and not be limited to what one bank has to offer.
While the interest rate isn’t the only thing to consider, it is the thing that people tend to focus on. Dealing with many rates and lenders, a mortgage broker typically has access to rates that are not widely advertised, and which may be lower than what you might find on your own.
your mortgage broker operates on commission, paid by the lenders who provide the mortgage. As a result, there will be no cost to you in most cases. The exception to this is when you work with a private lender or one who refuses to pay broker fees. Should this be the case, your broker will inform you of the fact in advance.
When you decide to make a go of things on your own, you may go to your bank to fill in an application, followed by waiting for a response. If your situation is such that they refuse you for some reason, you can dust yourself off and check out the next potential lender. Unfortunately, since the first attempt was an actual application, you will have a mark on your credit file, and that may complicate things on your next attempt at getting a loan.
Brokers, on the other hand, can build a comprehensive profile of you that they can use to check for loan products in the market and the likely criteria that you will need to meet. This allows them to determine your probable borrowing power without impacting your credit score.
These are just some of the reasons why you should hire a mortgage broker in Surrey, but there are many more, including the fact that your broker can help you through not only the entire home loan process but also your future needs in the coming years, such as reminding you when it’s time to review the health of your home loan to perhaps obtain a better deal.
At Crown Funding, we have the experience you need and the customer care you want. We’ll be there to help your home-buying dreams come true. Contact us today for more information.
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