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Sorting Out a Mortgage? Here’s Why You Need a Mortgage Broker

mortgage brokerSorting out a mortgage isn’t always the easiest feat, especially if you’re a first time home buyer. But whether you’re a first time buyer or a veteran in the field, it’s always in your best interests to work with a mortgage broker. While a traditional lender might give you one or two options, a broker can help you access a number of competitive options.

Whether you need a mortgage plan or you’re looking for alternatives to a conventional mortgage, here are a few reasons you need to be working with an expert mortgage broker to secure your new home.

Less Legwork for You

When you’re seeking out a mortgage, finding a lender is going to be tough without the right connections. And chances are if you’re one of the 31% of millennials hoping to buy a home within the next two years, you don’t necessarily have those connections in the real estate world. Fortunately, mortgage planners do. These professionals keep in regular contact with a variety of lenders, many of which you may not even know about. So if you’re looking for alternatives to a conventional mortgage, this is one of the best sources of information out there. And you won’t have to bend over backwards just to locate potential lenders, which is a plus.

More Access to Information

While it’s standard for brokers to work with lenders, some brokers serve as the first line of defense for their lenders against unsuitable clients. So if you’re thinking about skipping the broker step, you might not even be able to contact a lender. In addition, a broker may be able to negotiate lower rates from a lender as a result of the good clients they regularly provide. However, this gatekeeping effect goes both ways, as the best mortgage brokers will also keep their clients away from unsuitable lenders.

Fewer Fees to Pay

When you’re taking on a new mortgage, it’s inevitable that additional fees like origination fees, application fees, and appraisal fees are going to get tacked on. On your own, you may not have the necessary credentials to avoid these fees. Fortunately, working with a broker may help you avoid them. By working with lenders, brokers may be able to help you waive some or all of these fees, which could add up to hundreds or even thousands of dollars in some cases.

Here’s the bottom line: Mortgage planning is extremely important, and working with a broker can help you do it more effectively and less expensively.

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