Finding the right mortgage can take some time; you can make the job much easier with the help of a mortgage broker in Guelph. These brokers can advise you and shop around for home loans that work best for you. There are a number of ways a mortgage broker can make the hunt for an affordable home loan much easier for you, especially if you’re looking for loans suited for your particular needs.
● Convenient Appointments – Most mortgage brokers maintain flexible hours, enough that you can make appointments for after-hours or on weekends. This is beneficial for time-poor clients with other commitments on their hands; a broker can meet you at your convenience to discuss your home loan needs.
● Expert Advice – Mortgage brokers offer professional knowledge they can use to guide clients, especially when there’s a need to understand the subtleties of a loan. Mortgages can include other factors (e.g. having a loan offset account or the ability to make extra repayments). Brokers can use their insights to walk you through the process to ensure you find the right home loan; they can also use previous experience with other clients to judge how well a given loan might work for you.
● Large Networks – Some lenders and brokers have special working relationships, especially if brokers are affiliated with specific lenders. With a broker’s help, you may be able to get special rates as part of those relationships, which can save you money in the long run. Taking on a mortgage can also involve different types of additional fees, which can occur when taking on a new mortgage or when working with a new lender. In some cases, mortgage brokers can get lenders to waive these fees and save you money on the loan.
● Advantageous Deals – Mortgage brokers serve their clients’ interests rather than those of the lending institutions. With that in mind, they are able to help you find the best possible deal in terms of interest rates, repayment amounts, and loan products. A broker will also interview you to learn your needs and goals in the name of better helping you. Having a more intimate knowledge of what you need also lets your broker give you more personalized service
● Quick Loan Comparisons – It’s always wise to compare your options before making a decision; but in terms of a home loan, researching all your loan choices can take time. A broker will take the time to study your needs in detail, and has connections to various lenders who can best meet those needs. Hiring a broker effectively gives you access to those lenders and their loan options; checking a bank only gives you whatever options they have.
● Easy Legwork – Potential borrowers are usually busy with their own commitments. To help you with securing your loan, mortgage brokers will do the legwork for you. This includes:
– doing the paperwork
– sourcing for pre-approval
– helping you secure grants and incentives
– keeping you up-to-date with your application’s progress
● Pre-Qualification – If you have applied for a home loan before and been denied, this leaves a mark on your credit history. Brokers use specialized software to compare your goals and resources against their board of lenders. With this information, they can identify which lenders are most likely to lend you money, and avoid any more strikes.
● No Charge for Home Loans – Many brokers (but not all) earn money from commissions when a loan is settled. These brokers will give you their services free of charge, and with an incentive to point you toward those lenders that pay the commissions. This also lets you direct more of your resources toward repaying the loans in the future.