When is the right time to see a Mortgage Broker?

If you’re shopping for a home loan, it’s important that you seek the assistance of a mortgage broker before you start anything. The reason is that they’ll provide you with a number of advantages you otherwise won’t enjoy if you did things on your own. These include:

1. Matching loans based on your needs and circumstances.

When you work with a mortgage broker, one of the first things that they will do is ask you questions to work out how much you can afford comfortably to pay back and how much you can lend based on your personal circumstances. These are important questions because it makes it easier for you to find the right loans that suit your needs and at the same time increase your chances of finding a loan that actually fits your lifestyle.

When you choose a suitable loan early on, you’ll rarely have to worry about whether or not you can still afford it when rates increase and you’ll have an easier time managing your monthly repayments.

2. Simplifying how you choose and take out loans.

Choice is the biggest advantage that a mortgage broker can provide you with. The reason is that they have relationships with a wide range of lenders that include banks, building societies, and credit unions. This gives you more options to choose from based on how much you can afford and the features that suit your needs. Now compare this with working with banks and you’ll only get the best products that they provide themselves, which limit your options significantly. Would your bank tell you if another lender had a better package for you? Definitely not.

Brokers can also be helpful if you’re looking to refinance your loan. With their knowledge and network of lenders, you’ll be able to find out quickly whether or not there are products that are better than your current one and where you may be able to get them.

3. Having your home loan pre-approved.

When you decide to take out a home loan through a mortgage broker, they may also be able to have that loan pre-approved. Why is this important? Getting pre-approval means you’ll be able to act faster and shop for properties with more confidence because you know exactly how much you can afford. Therefore you will be able to make offers on properties faster especially if you’re in a competitive market or if you’re planning on joining an auction.

Overall, the sooner you work with a mortgage broker, the better. That’s because working with one will allow you to do more in less time and get access to better deals you probably won’t find on your own.

Of course you also have to be selective with the mortgage broker that you choose to use. It is important to take the time to determine whether or not they have the knowledge and experience required to give you advice. Aside from that, ensure that they are licensed. It may also be helpful to get recommendations from people you trust on brokers they have used in the past.

Written by Cale Walsh.