As you search the market for your next home, don’t forget to spend an equal amount of time on the process of securing a mortgage. Without this, you may find it impossible to move forward with a purchase.
Generally speaking, there are two ways to secure a mortgage:
• Work with a broker.
• Search and compare lenders and loan products on your own.
There are pros and cons of both, but for the sake of this article we are going to focus on what a mortgage broker has to offer.
There are many benefits of working with a broker, including the fact that this person is trained to find you the best deal. Furthermore, and just as important, you can expect him or her to answer a variety of questions. These often include:
• Why is one lender better than the rest?
• What is the lowest rate available for somebody in my position?
• How long will it take to receive an approval or denial?
• Can you explain the fees associated with obtaining a mortgage?
• What is the process of applying for a loan?
If you aren’t working with a broker, it’s up to you to answer these questions. You can contact multiple lenders for information and advice, but as you know this will take up a lot of your valuable time.
Once you find a broker you are comfortable working with, let this person be your guide. In the end, the only thing that matters is that your questions are answered and that you are able to secure a mortgage that allows you to move forward with your purchase.
Can you think of any other questions a mortgage broker can answer? Share your thoughts in the comment section.