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10 Benefits of Using a Mortgage Broker

September 4, 2020
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Navigating the mortgage application alone can be incredibly stressful. This is why many people turn to brokers to help make the process easier. A broker will not only help you to find the best deal, but they can also help to increase your chances of being accepted while also helping with key parts of the application.

But a broker can do so much more than just introduce you to the best lender for your needs. Read on to discover 10 of the biggest benefits of working with a mortgage broker.

1. Save money on mortgage fees

Mortgage rates and fees are changing all the time. To keep on top of it all would be a full-time job. Which is why it helps to have someone on your side who does this for a full-time job. Navigating the mortgage world alone is complicated and overwhelming. With a broker on your side, you’ll have access to their expert knowledge and experience to help you find the best deal. Yes, you may have to pay broker fees, but if they find you a better deal on your mortgage, you could make this back instantly in fees.

2. Save time managing the process

Applying for a mortgage is a time-consuming process. Working with a broker can help speed things up. As we mentioned above, you’ll have access to their expert knowledge, so they can help guide you through the process. Rather than spending Friday night Googling all of the terms you don’t understand from your mortgage application, you can trust your broker to guide you in the right direction. And when you save time on the mortgage process, you can spend more time planning your big move.

3. Get advice from a trusted source

Have you ever mentioned to friends that you’re thinking about getting a mortgage? Suddenly, a switch is flipped and everyone is an expert. Get this, not that. Avoid this, and don’t even think about this. Make sure you don’t forget to ask for this. There’s no end to the well-meaning advice, but ultimately, this is all it is.

If you want to get advice from a trusted source, a mortgage broker will prove to be invaluable. You’ll soon learn that very few people in the housing industry are in the best position to give you advice, but the broker works for you.

4. Reduce your paperwork

Applying for a mortgage is a paperwork intensive task. If you aren’t fond of ticking boxes and repeating the information over and over, a broker can help to cut down some of your workload. It can also help to reduce the chance of a mistake on your application leading to your application being rejected. If you want a little extra support, a broker can really help.

5. Increase your chances of being accepted

Many people assume that being rejected by one lender means that they are unable to get a mortgage. This isn’t the case. And you can actually increase your chances of being accepted if you approach the right lender. This is why working with a broker can be so helpful, particularly if you have an unusual application. Finding the right lender on your own will be a trial and error task, which can delay the application process by months and even years.

6. Speed up the process and move faster

Working with a broker means that you can preempt a lot of the follow-up questions and requests from your chosen mortgage provider. This can vastly speed up the process and get you moving into your dream home faster. If you want to get moving quickly but don’t want to devote too much time to the application process, a broker will help.

7. Access their insight

A mortgage broker will know the current market inside out. They deal with applications all the time, so they know the lenders and their requirements in incredible detail. This kind of advice and support cannot be found from any other source throughout the home-buying process. If you want to make sure you are approaching the right lender with your application, you need a broker on your side.

8. Use their sophisticated systems

Brokers aren’t just a fountain of knowledge. They also have access to software packages that can help to streamline the application process. If you were to go about buying a home without the help of a broker, you would have to approach each lender individually to find out if they would be willing to work with you.

Brokers flip this process on its head and start with you. Using their sophisticated systems, they build a profile of your personal circumstances that allows them to focus on the lenders that will give you the best deal.

9. Cut through the noise

It’s difficult to know where to turn for advice when you’re buying a home. Any advice from friends and family might not be relevant, because every application is different. And while speaking to your bank might help to clear up questions you might have about their mortgage products, they won’t be able to offer advice on the wider market. Working with a broker allows you to cut through this noise and get the answers you need. The mortgage advice industry is incredibly murky and loud at the best of times, so you need to know that the advice you are getting is relevant to you.

10. Long term support

Your broker will work diligently to help you find the best possible mortgage product and speed up the home buying process. But their support doesn’t stop there. The best brokers will offer long term support, often getting in touch again when you have the option to remortgage.

This kind of long term support can help to take the stress out of negotiating rates in the future, ensuring that you never pay more for your mortgage than you need to. And if you decide to sell your home, you’ll already have someone in your corner who knows your circumstances. They will always be ready to get to work and help you find the best mortgage products.

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