Finance Globe

U.S. financial and economic topics from several finance writers.
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Three Benefits of Using a Mortgage Broker

Are you in the market for a new home? If you have plans on paying with cash, you don’t have to concern yourself with applying for and securing a mortgage. However, if you need to take out a loan there is a lot that goes into the process.

While some people shop for a mortgage on their own, others realize the benefits associated with hiring a broker. Working with an experienced and knowledgeable broker who has your best interests in mind can speed up the process, save you money, and eliminate some of your stress.

Below are three benefits of using a mortgage broker as opposed to searching for a loan on your own:

1. Saves you time and hassle. Do you really want to jump around from one lender to the next, requesting information and hoping that you are comparing the right details? Rather than do this, hook up with a broker who has contact with a variety of lenders, both local and national. This will keep you out of the equation, for the most part, while still ensuring that you get the best rate and terms.

2. Access to additional lenders. Although you have the ability to contact most lenders for more information, this will not be true across the board. Some brokers, those that are well connected, can get in touch with lenders that may not communicate directly with you.

3. Save on fees. As you probably know, there are many types of fees associated with a new mortgage. These include but are not limited to: appraisal fees, application fees, and origination fees. While not always the case, there are situations in which a broker may be able to get the lender to waive one or more of these fees, which could save you a lot of money.

These are just three of the many benefits of using a mortgage broker. If you are on the fence, contact a local broker with a solid reputation to discuss your situation. This person can explain how the process works, what to expect, and of course, what they can do for you. From there, it is up to you to decide if you will shop for a loan on your own or let the broker takeover.
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Monday, 22 April 2024

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