Should I use a mortgage broker?

By accessibleproperty

November 6, 2020

So you’ve finally made that big decision on finally buying a house of your own. You’ve figured out that with the money you’ve saved, you can finally apply for a mortgage and move into a place of your own. But since this is your first time to apply for a mortgage, you realize that there are so many things to consider and to compute for. Interest rates and the type of interest rates, the terms, miscellaneous fee and everything else that comes with applying for a mortgage! This is where mortgage brokers come in handy. They are the ones you go to in order for you to be properly guided as to how you can go about your mortgage application. They are the “go-to guys” who will most probably have more knowledge and products available that can actually be of help to you as you take your first steps into buying that house. However, with all the information now available online, is there a real need for mortgage brokers?

HOW MUCH DO YOU KNOW?

The first thing that you have to think about when considering the need for a mortgage broker is your knowledge of financial matters. How extensive is your knowledge on products available in the market that can actually suit your present financial situation and your needs? Are you aware of all the possible fees included in the loan you deem suitable for you?

Take Blutin Finance, they are experienced mortgage brokers and are knowledgeable in the different types of mortgages available in the market. They are supposed to be able to advise you as to the best type of loan that you can avail of based on your current financial situation. They should be able to discuss with you your needs and give you advice based on their overall assessment. Ultimately, they can help you reduce your repayments for your mortgage.

ARE YOU ABLE TO EXHAUST ALL OPTIONS?

Finance brokers are supposed to have access to different lenders as part of their portfolio. Applying directly to the lenders limits you to the banks which consider you as their clientele. Brokers can help you find better products outside the banking institutions you are affiliated with, giving you more options that will suit your needs.

DO YOU HAVE THE TIME?

While the internet can be a haven of information on topics regarding home loans, sifting through this wide array of information can be quite time consuming, if not cumbersome. Added to this is the fact that applying for loans involves a lot of legwork as well.  If your work calls for much office time, then hiring a mortgage broker will probably work to your advantage.

DO THEY FIT IN YOUR BUDGET?

Keep in mind that getting a broker involves fees that need to be paid for his services. Although most brokers earn based on commission, there might be additional fees to be paid to him which need to be discussed. Applying directly to the lender might also get you a good deal since the lender will no longer be dealing with you through a middleman. This can translate into savings for you.

While hiring a mortgage broker may seem to have its advantages, especially if you are a first-time buyer, you have to keep in mind that much of the decision making will ultimately be made by you. Making the right decision still involves some degree of financial know-how. What you know, coupled with the experience that can be brought by your broker, can most probably be the key to success to your first home purchase.