Advantages of Using a Mortgage Broker

I’m proud to be a mortgage broker, because we serve an important role in helping prospective homebuyers with the purchasing process. 

If you were on the fence about consulting with a mortgage broker, here are some of the ways we can help you make the home buying process faster and more cost efficient: 

  1. Save time and money. Your time is valuable, and purchasing a new home is exhausting at the best of times. Your mortgage broker will take some of that work off of you, so that you can focus on finding a new home that meets your needs. Buying property involves a ton of paperwork and your mortgage broker knows the ropes, so they can navigate the process more efficiently. They also know where you could potentially cut costs, which often results in thousands of dollars worth of savings.
  1. Lower mortgage rate. Your mortgage broker has facilitated many transactions, which often empowers them to arrange volume based discounts with certain lenders. This results in savings for you. They are also expert negotiators who know how to advocate effectively for their clients in order to get them better rates, and a lower rate means less money spent on interest.
  1. Unbiased advice. Your mortgage broker’s #1 goal is to ensure that you are satisfied, since word of mouth is their most important source of new clients. As such, they will do everything they can to make sure that you are happy and not offer you an unsuitable mortgage just for the sake of getting a commission.
  1. No fees! Your mortgage broker is almost always compensated by the lender. There are some rare exceptions where the lender will refuse to pay the brokerage fee, but these are not common cases and you will be advised ahead of time. Again, this depends only on the lender and not the actual broker.
  1. Protects your credit score. When you inquire about your credit score repeatedly over a short period of time, it tends to lower it. If you approach various lenders yourself, they will have to pull your credit score individually, and this can have an impact if you are visiting many lenders. By contrast, a mortgage broker will only have to pull it once, no matter how many lenders they contact. This has the effect of ensuring that your score doesn’t feel the impact of contacting all those potential lenders.

These are just a few of the ways that employing a mortgage broker can empower you during the home buying process. For personalized recommendations, feel free to reach out to me so we can discuss your options. As always, my goal is to have you enjoying your dream home, sooner!