Below is a summary of the services local mortgage brokers offer, which is designed to help you to see how they can help you to secure the mortgage that you need to buy your home or business premises. First, we are going to explain what a mortgage broker is and what they do.
What is a Mortgage Broker?
Simply put a mortgage broker acts as a go between or intermediary for those who need to borrow money to buy a property. They help people who need a mortgage to find a financial provider who will lend to them and do so at a good rate.
The Advantages of Using a Mortgage Broker
Naturally, if you want to you can go direct to the financial institutions and ask them to arrange a loan for you. However, this is not necessarily the best approach.
Save Time – If you use a mortgage broker, you can save yourself quite a bit of time. Speaking to individual financial institutions is going to be very time consuming.
The problem is that some of them are bound to say no to your request for a mortgage. You can easily find yourself wasting hours going from bank to bank. Only to find that at the end of it no one is prepared to actually lend you the money.
If you use a mortgage broker they will do all of the searching for you and present the options to you. Everything will be explained in detail, and you will be able to make an informed decision.
Tap into the broker’s experience – Experienced brokers understand the mortgage market. They know which products offer the best value for money and who is likely to say yes to you and who will definitely not extend credit to someone in your situation.
Save Money – Experienced brokers are trained to find you a loan that offers you a good rate of interest. Over the term of a mortgage, this can literally save you thousands.
Ease the Stress – Finding a new home is always stressful. There is so much to do and think about. Using a mortgage broker to secure your loan will help to relieve some of this stress.
Protect Your Credit Rating – Using a broker can also help to protect your credit rating. It can stop you from applying for loans from those lenders who will turn you down, which can damage your credit rating making it even more difficult for you to secure a mortgage.
The Advantages of Using a Local Broker
Using a Local based mortgage broker, like us, has several additional advantages.
Local Knowledge – Naturally, brokers know the local area. They know the property market including which areas contain properties on which it is tricky to secure loans, for example prefabricated homes. A good broker can tell you about any potential issues and explain to you which lenders will finance these kinds of properties and which will not.
Local Connections – The best brokers have local connections, which can help us to nudge things along, so that you get your loan documents completed fast. Occasionally a mortgage company will have a question about the property or plans for the area. If you use a local mortgage broker they can usually answer those questions and get the loan approved, and do so fast.
First Time Borrowers
If you are a first time buyer, your broker will advice you about how much you can realistically expect to borrow. Again, an experienced mortgage brokerage know the local area, so can also tell you what areas of the city you can afford to look at.
When you do find a property, a good broker can find you a mortgage and do so quickly. Experience means that you do not have to run the risk of being refused and damaging your credit rating.
On the rare occasion clients are turned down experienced brokers can usually discuss the issue with the lender. By doing so they can normally work out what the issue is and come up with a solution that allows the problem to be solved.
If you want to refinance your property, a mortgage broker can usually help with that too. Over the years, hundreds of Local residents to secure a home equity line of credit (HELOC) to provide them with funds for their children’s education, a home extension or to cover medical bills.
Business Mortgage Brokers
A commercial property mortgage broker will help you to find a loan that does not leave you at a disadvantage should your business fail and you need to sell the premises on. When they know there is a tax advantage related to a specific mortgage product we tell you about it.
It really does not matter what type of property you are planning to buy, if you need a loan, it does not make sense not to use a broker. They considerably improve your chances of securing the money you need and doing so quickly enough not to miss the chance to buy the property you want.