What Does a Mortgage Broker Do?
Buying a home is probably the biggest purchase you’ll ever make in your lifetime. While it’s an exciting endeavor, navigating the real estate market can be tricky, and you’ll need all the help you can get.
Consulting with a mortgage broker can help you find the best deals and the best lender for your home purchase. Hiring a broker is especially helpful if you’re part of the group of first-time millennial homebuyers who are unfamiliar with the home buying process.
A broker is a licensed financial professional that works as a middleman between the lender and borrower. This individual does most of the legwork, such as verifying your income, gathering financial documents, and helping you negotiate the terms of the loan.
Advantages of Having a Mortgage Broker
If you don't have time for the paperwork shuffle and don’t want to deal with the stress that comes with shopping for the best mortgage rates, then you’re an ideal candidate for working with a mortgage broker. Edmonton is a great place to invest in real estate, but you’ll need to work with an experienced and knowledgeable broker who:
Gives you options - Unlike loan officers that work directly with a bank, a mortgage broker can give you access to different kinds of lenders.
Gets you better terms - A mortgage broker will not only find you a lender, they will also help you secure the lowest rates and best terms based on your financial situation.
Saves you time - A broker will assist you every step of the way during the application. They will give advice on the best way to pay for the mortgage based on your income and assets. As a result, the whole process of applying for a loan will be quicker and more convenient.
Makes the process simple - The broker will keep the process as simple and smooth as possible, and will be the one to deal directly with the underwriting department, closing agent, and real estate agent.
Many prospective homeowners are also surprised to discover that while mortgage brokers are professionals you hire, there is no additional cost to work with one as long as you qualify for a lending.
Buying a home is a personal process that involves your financials, so it’s important that you find someone that you’re comfortable with and has your best interests in mind. You can start that journey towards owning your first home here.