14 Sep 6 Reasons Why Not to Buy a Home Without Talking to a Mortgage Broker
For a long time , you have been saving money and building up your credit so you can make one of the biggest purchases of your lifetime: you are going to buy a house. But before you start seriously pursuing any real estate, you need to hire a mortgage broker.
But why? Isn’t knowing what type of house you want to live in good enough? Absolutely not; here is why:
1. A mortgage broker will connect you with the perfect lender
Chances are that you don’t have enough cash available to buy your desired home outright. As such, you will need a home loan. There are countless lenders out there vying for your business. The problem is that they are all offering “the best deal you can get” so it can be difficult to discern which one you should be working with.
It is the job of a mortgage broker to make real estate deals work out to the benefit of all parties (especially you); they are also connected with plenty of lenders. This means that they will find the best financing solution out there to suit your needs.
2. A mortgage broker can help someone with bad credit
Having less than perfect credit doesn’t mean that it will be impossible for you to get a mortgage. However, most mortgage lenders won’t touch someone with bad credit. However, as we mentioned earlier, a mortgage broker is connected with every reputable lender in town, and they will know which lenders will offer good mortgage deals to people with low credit scores.
3. Mortgage brokers understand real estate lender jargon
Every real estate transaction includes enough legal and industry jargon to make your head spin. If you don’t have a thorough understanding of this lingo, then it can harm your ability to get a good deal — or even a loan.
Mortgage brokers understand exactly what lenders are saying and how to speak their language. They also know how to present information in way that increases your chances of getting approved for a good deal.
4. A mortgage broker will get you the best rate possible
Even if you have a perfect 850 FICO credit score, mortgage lenders are still going to try to get as much money as they can out of you. A mortgage broker, who only gets paid if a deal that they mediate is closed, will negotiate until the lender to offer you the lowest possible rate.
5. Lenders like working with people they already know
Like the old saying goes, it’s not what you know, it’s who you know. The lenders themselves are more amicable towards lending money to a mortgage broker’s clients, as opposed to a faceless stranger who recently filled out an online application.
6. The best way to get a great mortgage deal is to work with a mortgage broker
A good mortgage broker will do everything in their power to get you a good mortgage for your new home — and they have the skills and connections to get the job done.