Being a first time buyer, once you have found your perfect home, the next step is to find the best loan possible to make your dream come true. Although your first thought would be to approach your bank or other lending institutions for the loan you need, you might want to consider using the services of a mortgage broker instead.
Benefits Of Using A Mortgage Broker If You’re A First Time Home Buyer
Following are several benefits to using a mortgage broker, especially if you’re a first time home buyer.
Provides access to many loan options — as a first time buyer, if you have an experienced broker working for you, he/she will be able to offer you a wide range or mortgage loans from several different lenders. This means that you have more opportunities to get a loan at an interest rate that meets your particular needs.
Finds a deal that is most beneficial to you — a mortgage broker has your interests in mind instead of the interests of lending institutions. He/she will in fact, be your agent as well as your personal consultant who is there to solve any problems on your behalf. Having access to so many mortgage products means that your broker can offer you the best deal in terms of loan products, interest rates, as well as repayment amounts. He/she will discuss your needs as well as long- and short-term goals with you and do all he/she can to come up with a solution that suits your needs perfectly.
Has the expertise and flexibility to meet your requirements — another great benefit of having a mortgage broker, is that he/she will guide you through all situations, deal with the process and solve any problems, if any, along the way. For instance, should you have credit issues your broker will know exactly which lenders to approach to get a product that is best for you.
Working through a broker will save you time — you save plenty of time by working through a broker, because there is only one application involved instead of having to complete an application form for each individual lender that you approach. Your broker will provide you with a formal comparison of recommended loans that will show you accurately, the differences in costs, points, current rates, as well as the closing costs for each reflected loan.
Money-saving and no hidden costs — lenders offer loans to mortgage brokers on a wholesale basis, so he/she is able to offer you the best rates that are available on the market, usually making the loan cost lower for you. A good broker will tell you how much he/she charges for their services and also give you detailed costs for your loan.
Personalised service — the mortgage broker you choose should give you personalised service. He/she should help smooth the bumps encountered along the way, be available to you at all times and offer you the best possible advice all the way through to the closing of the sale. He/she should have the relevant experience and qualifications and provide you with references as well, if you ask for them. To make sure that you are choosing the correct broker for your needs, get referrals from your accountant, real estate agent, financial planner or accountant.
Appointments convenient for you — approaching banks or other lending institutions for a loan means that you can only do so during office hours. Mortgage brokers on the other hand, are usually willing to make an appointment with you that is convenient for you, even after hours or at weekends. This is a great advantage, especially if you work, have family commitments, or have other factors that limit your time.
Yet another advantage of hiring a mortgage broker is the fact that he/she has real feed-back from other customers as to how various loans perform. This gives mortgage brokers additional important information as to how the different loans will perform for you. In short, a mortgage broker is your best choice as a first- time home buyer to obtain a loan quickly and easily in order to purchase the home of your dreams.