Buying a house is a one-time investment you make. And the path of buying houses using a mortgage has become very common. However, there are many challenges buyers need to deal with while going for a mortgage. One missed step, and they could fall into an ill-benefiting deal. This brings us to a mortgage broker. However, you may wonder why go through a mortgage broker. Therefore, I’ve jotted down 7 points in this blog for the top reasons to use a mortgage broker.
7 Reasons To Seek Assistance Of a Professional Mortgage Broker
In the US, there are about 25,510 currently employed mortgage brokers. If you may be asking, “Why go through a mortgage broker?” I have the answer
#1 Efficient Work Process
While fixing a house, you would have to deal with all the legwork. The legal work, proper inquiry of the lender, and many more have to be done by yourself. Mortgage Brokers, on the other hand, can come in handy and make work much more efficient for you.
Having said that, it is a good idea to do some preliminary research yourself before meeting a broker for mortgage advice. Search online for average rates for the kind of loan you are applying for. You can then use an online mortgage calculator to figure out the details of your loan. These tools help compare rates and provide more information about deciding on the credibility of a mortgage broker.
#2 Better Access to Contacts
You may not be able to contact certain lenders directly to secure a retail mortgage. This is because they only work with brokers who bring them suitable clients. Brokers might also get lower rates from lenders due to the amount of business they send to a lender compared with what you get from them.
#3 Better Choices
You might be able to compare three to five lenders on your own after some research. After that, you can work on your own by getting quotations from other lenders and comparing their terms. However, if you work with a mortgage broker, it will allow you to access loans more efficiently. Since brokers already have working relationships with banks, they know better which type of loans would suit your condition best. Furthermore, having more options makes it more likely that you will secure a mortgage that fits your needs best.
At Munshi Capital, we know homes and loans go hand in hand. We offer loans to help you purchase your dream home in California:
- Jumbo Mortgage Loan: For higher-value homes above the standard loan amount. Ideal for those with good credit scores.
- FHA Loan: These loans have a minimum 3.5% down payment and often require a credit score of 580 or higher. Also a 10% down payment for borrowers with a score between 500 to 579.
- Bank Statement Loans: Designed for self-employed individuals, these loans use bank statements for income verification.
- Short-Term Bridge Mortgages: Provide temporary financing for 6-12 months, offering vital flexibility.
Applying for these mortgage loans is simple with my guidance. Avoid financial stress and apply hassle-free with a trusted real estate agent.
#4 A Time Saver
The time you spend searching for loans can be cut short by involving a broker. Many lenders may require you to apply for mortgage pre-approval which may take hours. Additionally, there is also the need for back-and-forth communications in order to keep the application going. Meanwhile, a mortgage broker only has to compare rates for you alone and does nothing else. They can handle the preapproval process and save you from much of this work. If you have no time to compare mortgage rates or need to find another house quickly, getting a mortgage through a broker can be a wise choice.
#5 Suitable and Specific Lender
Brokers provide tailor-made options for you. They present the exact type of lender you would want. Brokers experienced in finding such mortgages can assist in obtaining better terms. They can also walk with you step by step through this whole process, reminding you about requirements and keeping your application on track.
#6 Possible Free Services
Mortgage brokers can offer you free services because they earn commissions from lenders. If no loan suits their clients perfectly, they do not get paid at all. Your broker will be highly motivated to find the ideal mortgage to meet your requirements and wishes as well as provide the lowest rate possible if not better terms. Industry veterans have extensive experience negotiating terms or closing costs; never take no for an answer from them. In case your application has been turned down by a lender, the broker will do everything possible to help you overcome whatever difficulties might be preventing you from getting approved for the loan.
#7 Provides Best Interest
By statute, brokers must operate in their clients’ best interests, not that of the lenders or themselves. Their duty to act in the best interests of the borrower distinguishes them from bank employees or other lenders. If you want to work with someone who is obligated to prioritize your interests above all else, your only choice for professional assistance throughout the home loan process is to engage with a broker.
Wrapping Up
Mortgage Brokers can indeed be an asset for homebuyers. The majority of self-employed borrowers typically struggle to obtain a lender. However, you can reach more lenders who specialize in offering particular loan kinds that suit your needs with the assistance of a mortgage broker.
Getting through the real estate market to find your dream home has never been simpler. Get expert advice from Amish Munshi and make informed decisions. Contact now, and soon you’ll be relaxing in your own California haven. Don’t wait—let’s make your dream a sun-drenched reality today!
