(December 01, 2016)
When people are buying a new home, they usually follow a process to make sure they are getting the place that is perfect for them. They start by looking online at everything that is available in their market area and price range. They choose the 5-10 places that they feel are likely to be the best match for their needs, and view them in person. The next step may be to pick the one they like best, or possible go back to revisit a couple to help narrow it down more. After picking the one that they feel is right, they then make an offer and negotiate to try to get the best terms possible.
The oddity is that when it comes to financing that purchase, most people aren't nearly as thorough. Many people simply walk into the bank or financial institution that they have used in the past, or is closest to their house, or had fancy ads on tv. Once there, they might look at a couple different options, but basically take the terms that they are offered.
Instead of limiting yourself to one option, wouldn't it be great to have a bunch? Wouldn't it be nice to have a choice of interest rates, or to be able to pay the mortgage out early with no or minimal penalties, or use the equity in the home to finance renovations or other purchases?
One of my primary responsibilities as a Realtor is to look out for the best interests of my clients. I believe it is in the best interest of my clients to use a mortgage broker. A mortgage broker works with multiple banks, financial institutions, and other lenders to help find you the best mortgage for your situation. They will look at all the lending options, narrow it down to the ones that will be a best match for the your needs, and then help choose the one that they feel is right. They will ensure that you get the best combination of rates, terms, and conditions for your situation.
In my experience, mortgage brokers also work hard on the buyer's behalf to make sure all the required paperwork is completed on time, taking pressure off the buyer to look after that themselves.
The best part? In most cases, the mortgage broker is paid by the lender who provides the mortgage. Other than some very specific circumstances, there is no cost to you, the buyer, for using a broker.
I do not receive financial compensation for referring clients to any specific lenders or mortgage brokers. My job is to make your real estate transaction go as smoothly and stress-free as is possible, and I have found that mortgage brokers help accomplish that.
Call, text, or email me if you would like more information on mortgage brokers, or for help buying or selling your home.