The Truth about Mortgage Brokers

These days, many people believe the misconceptions they hear about mortgage brokers. One belief is that using a mortgage broker will cost you too much time and will likely stress you out. Contrary to this misconception, mortgage brokers actually help you SAVE time and effort when applying for a home loan!

The truth about mortgage brokers is that they:

** Can meet with you on your home, office, or at a local cafe

Nowadays, it can be difficult to get the time to do the important things such as getting to your bank to discuss home loans. Mortgage brokers are very flexible and can meet with you on a convenient meeting place and time for you. This can be in your office, home, or at a local cafe nearby. Skype appointments and phone meetings can even be done, especially if you can’t get away due to your busy schedule.

** Serve as a centralised and expert source of information

Securing a home loan and buying property could be very stressful and confusing for people, especially to those who are new to the property game. With the assistance of a mortgage broker, you have an access to one main point of contact for all the information you need. In addition, a mortgage broker can help you understand the step-by-step process of securing a home loan.

** Can make expert comparisons between hundreds of different loans in minutes

A mortgage broker can help you analyse and compare all the different lenders and loan facilities available and can give you advice on which one suits your home loan needs best. This will save you a lot of time from having to do some online research and even time-consuming legwork of going directly to the lenders and talking to each of them.

** Suggest effective strategies to help you reduce the term of your loan

A mortgage broker can construct your home loan in such a way that you do not only save time in quickly securing a home loan but it can also be in paying off your mortgage sooner. They can use different loans facilities that not only can satisfy your loan needs but can also give the convenience of shorter loan term.

** Collaborate with the lender, solicitor and real estate agent for you

A good mortgage broker help you relieve some of the burden and stress of securing a home loan and buying property by being involved and hands-on on every aspect of your home loan. He/she will coordinate and collaborate with the other parties so you don’t have to play the middle man.

** Prepare all the paperwork so you just need to sign on the dotted line

Mortgage brokers also assist you compile and complete all the paperwork needed, from pre-approval to the settlement docs. You just have to give them all the supporting documents, such as proof of ID, income, and other documents, that the lenders require. The mortgage broker will be the one to submit these and will just ask you to sign the application forms.

The truth about mortgage brokers is that they can indeed help you save time and effort.

Have you any experience working with one? Share your thoughts with us.

Happiness is not something readymade.  It comes from your own actions.
–Dalai Lama

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