When you are looking to buy a house or planning for an investment in real estate like building a second home, farm land, first time home buyer, truck trailer loan or any kind of commercial property you need a loan from the bank or any other lending institute. 

To be very honest, the banks will give you a loan only if you either have good credit history or have good cash flow because they don’t want to waste their money on risky investments. Moreover the process of applying for a mortgage involves lots of paperwork and you need a professional to deal with these lending institutes. 

Here comes the role of a mortgage broker. 

What is a mortgage broker ?

A mortgage broker is a person who connects a borrower (a person who is seeking a mortgage) with the lenders (financial institutes like banks, credit unions etc.). A mortgage broker makes sure that the borrower gets good interest rates on their mortgage based on their credit score. At closing, the mortgage broker earns commission from either the borrower side or from lender’s side.

In this blog I will show you three benefits of Hiring a Mortgage Broker for your mortgage process:-

Let’s Jump in!

 

  • Financial Advice 

 

If you are a first time home buyer, you probably are not aware of the type of home you can afford on mortgage. You may have neglected taxes, maintenance costs, renovation costs etc. 

A good mortgage broker provides you with honest financial advice on how much mortgage you can afford based on your current financial situation. In this way you can comfortably handle the burden of mortgage or debt without making major changes in your lifestyle. Even some of the mortgage brokers can connect you with the real estate agent and which will help you in finding the right house. They even provide mortgage renewal services on your existing mortgages. 

 

  • Negotiate interest rates on your behalf

 

Most of the mortgage brokers negotiate on your behalf with the financial lenders and provide you with a mortgage at competitive prices. They know the loopholes in the banking system and can negotiate on your behalf on the terms of the mortgage. 

 

  • Bad credit Mortgage Approval 

 

If you have a bad credit, then banks are not willing to give you a mortgage. In that case you need a professional mortgage broker in Surrey BC who prepare papers on your behalf so that lender will give you loan. 

A mortgage broker can provide you with the best terms on your loan but make sure you do your own research and read all the terms and conditions of the mortgage.