Top Reasons Why You Need a Mortgage Broker

Are you applying for a mortgage for the first time? Or is the mortgage process too overwhelming for you? If yes, you need a professional to guide you through the process. In such a case, a mortgage broker is invaluable.

A mortgage broker serves as an intermediary between the borrower and the lender. This professional will do all the legwork, research the multiple mortgage products on the market, and guide you through the application and settlement process. Also, before you sign the dotted line, the mortgage broker ensures you have a comprehensive understanding of the loan paperwork and the terms and conditions.

Still not sure whether to work with a mortgage broker? Read on to learn key reasons why you should use a mortgage broker.

Better Access

Mortgage brokers can access a wide range of mortgage products from numerous lenders. If you deal with an experienced broker, you gain access to their massive network, increasing your chances of getting the best loan product. Also, a reputable mortgage broker represents your interest and not the lender's interests. Thus, they're not bound to work with a specific lender but will pick the best lender with favorable loan products, interest rates, and repayment amounts depending on your needs.

In addition, some mortgage lenders work exclusively with brokers who get special rates. Thus, if you work with such a broker, you access these lenders and enjoy better deals on mortgages than you'd get on your own.

Personalized Service

After you select a reputable mortgage broker, expect personalized service. The broker will first interview you to identify and understand your individual circumstances and short and long-term goals. After they clearly understand your unique needs, they'll guide you through different loan products from different lenders to find the most suitable one for you.

Also, whether you have a poor credit score, insufficient down payment, or low income, a mortgage broker can help you out. With their in-depth knowledge and experience, they'll offer professional advice and support to ensure you get the best financing option. After being in the industry for years, they have established relationships with lenders, and they know how to approach them to get you mortgage financing, regardless of your financial situation

Potential Free Service

Are you hesitating to work with mortgage brokers for fear of expensive charges? The good news is that most mortgage brokers don't charge their clients a dime for their services. These brokers will offer services free of charge since they solely rely on the commission given by lenders upon successful mortgage application with a client.

Also, since they rely on client referrals, mortgage brokers have your best interest at heart and will ensure quality customer service and satisfaction. The broker knows if you're happy and satisfied with their services, you'll recommend them to your inner circle hence the likelihood of a future business. Thus, just because they offer free service doesn't mean you'll get poor services.

However, mortgage brokers' fee structures vary widely. Before you pick one, inquire about any charges you'll have to pay.

Save You Stress

Getting a mortgage can be a complex and daunting task, especially for first-time applicants. The process will have various steps, including pre-approval, mortgage application, processing, underwriting, and closing. Also, when shopping for a mortgage, you'll have unlimited options to consider and lots of tedious paperwork to gather and fill. And during this process, even a slight mistake could have far-reaching and costly consequences.

For a stress-free and successful mortgage application, work with a mortgage broker. These professionals are highly experienced and will guide and support you through the entire mortgage application process. They will take the heavy load off your back, and you can focus on house hunting, expecting fast approval for the mortgage.

Are you looking for someone to help with your mortgage shopping? If yes, search no more. At Cornerstone Residential Mortgage, we're here to match you with the best mortgage.​