If you’ve begun the process of purchasing a home, you’ve likely heard of mortgage brokers. A good broker will provide you with many essential services, but it can be tricky to know what exactly their role is if you’re new to the property ladder. Here are five reasons why using the services of a mortgage advisor is a good idea.
1. They Don’t Cost You Anything Extra
Many people shy away from using a mortgage broker or advisor because they think they will need to pay another cost out-of-pocket. However, mortgage brokers are paid by your bank or lender, on commission. This means that, usually, you won’t have to pay any extra costs for the use of a mortgage broker or advisor when you take out a loan on your home.
2. A Broker Can Get You The Best Deals
Not all mortgage brokers are the same. It’s important to find a broker that can offer you products and deals from a multitude of banks and lenders. Not only will a good mortgage broker have many deals to bring to the table but they’ll also take care of putting together the deals you are interested in so that you end up with the best option possible.
3. They Know All About The Home-Buying Process
Yes, a good mortgage broker’s main goal is to get you the best deal possible on your loan. However, your mortgage advisor can also help with all of the questions you may have during the home-buying process. First-time homeowners, in particular, usually find the services of a mortgage broker useful as a good advisor can guide you through the purchase process and steer you in the right direction.
4. They’re On Your Side
You could be forgiven for thinking that your broker works for the bank. While your bank or lender may pay their commission, you are their client. Therefore, your mortgage broker works for you and it is in their interest to provide you with the best possible service.
5. A Good Broker Is A Valuable Contact
When all is said and done, cultivating a good relationship with your broker will benefit you, not only in the short term but in the long term, as well. Purchasing a home is one of the biggest investments you will likely make in your life and a mortgage is usually spread out over several decades. At some point along the way, you may need to revisit and restructure your loan and this is something your broker will be happy to help with. Take advantage of their knowledge base and don’t be afraid to ask questions – they’re there to help.