An unbiased mortgage broker is an essential part of your home buying experience. While brokers might not seem any different than bank advisors and lenders, they offer unique advantages to their clients. With lockdowns and bank closures, brokers have become especially important for future homeowners. Here’s how the right mortgage broker can save you money, time, and stress.
How does the process work?
Mortgage brokers are responsible for being the middleman between lenders and borrowers. What does this mean? Brokers maintain working relationships with banks and lenders, with the goal of connecting clients with the lender that will fit their needs and situation best. Since lenders all have different sets of requirements for mortgage loans, brokers help you understand your finances, home buying goals, and future plans to see what solution might work for you.
The huge advantage of using an unbiased broker is that after completing a single application, a broker then takes on the heavy work of sorting through potential lenders to find the right one for you. This takes the stress of finding a lender off your shoulders. Better yet, a broker’s services are free for you. Brokers are paid by the lender, and commissions are standard across the industry. This means brokers have no financial motivation to push you in any one direction. You get a broker’s guidance and commitment, all for free.
Advantages of using a broker over a bank
Brokers and bank advisors both help you determine what you can afford, and they both work with lenders. Those are the only similarities between these two services. Banks work for their own best interests, connecting you and your application with the bank’s products and no one else’s. Brokers are unattached to any specific lender, so they hunt for the best product for you, no matter who the lender is. This gives you several more options for finding the perfect lender and product.
Banks also tend to have a lot of employee shuffling, meaning your advisor is likely to change during the mortgage process. Mortgage brokers are committed to seeing things through and building a relationship with their clients. By getting to know you, brokers can save you money and help you achieve your future goals. Basically, banks are motivated by the idea of earning money, and brokers are motivated to save you money.
Finally, mortgage brokers are always available for their clients. Lockdowns have forced bank branches to close, which has complicated the lending process through bank advisors. It’s more important than ever to seek the help of an unbiased mortgage broker. Their connections with lenders will keep your mortgage process moving along, and keep you informed.
Choosing the perfect broker
The right mortgage broker will fit your personality and understand your goals and needs. If you have no experience with brokers, searching online is a good place to start. Look for brokers in your area, and scan their reviews and website.
An unbiased mortgage broker can begin to guide you even before your first meeting. Many mortgage brokers have blog posts focusing on specific aspects of getting a mortgage to help you understand the process. Check out the Clinton Wilkins Mortgage Team blog for information on buying a home, refinancing, and improving your financial position.
For additional information, contact Clinton Wilkins Mortgage Team or call (902) 482-2770.