Websites allowing you to compare interest rates offered by lenders and get online quotes by your local bank haven’t eliminated the need for a Fort McMurray mortgage broker.
They Give You Options
Mortgage brokers know all of the options on the market. They can find a lender willing to give a reasonable interest rate for a fix-and-flip property, rural properties and homes that don’t have broad market appeal. For example, they could refer you to a lender who will accept a year of self-employment income or is willing to lend to someone who recently came out of bankruptcy without charging you an arm and a leg. They know who is issuing loans for commercial properties and investment properties.
Mortgage brokers can often find loans that meet various conditions that their customers require. For example, they could structure a loan that combines a low down payment with the lowest possible interest rate.
They Can Help You Qualify for a Low Interest Rate Loan
They can give you advice to improve your credit or properly fill out forms to secure an affordable mortgage. They could help you fill out the forms in the first place and submit them to lenders who are almost certain to approve your application, minimizing how much work you have to do. They can gather all of the necessary documentation and submit it to lenders.
You may have read elsewhere that you can negotiate better loan terms with the lender. Another benefit of working with a mortgage broker is that they’re skilled negotiators who are working for you. Their goal is to earn your business and anyone you refer to them, not maximize the bank’s profit margin. They aren’t going to offer add-on services and fees that really aren’t necessary. And they can advise you on how to qualify for a lower rate, whether it is cleaning up your credit before applying or finding a lender who doesn’t charge small business owners a fortune for the privilege of buying a home.
They Work for You
Mortgage brokers are client-centric, because they work for you. They know that their future business depends on keeping current clients happy. They’ll take the time to determine what you need from a mortgage and the terms you want, such as the option to pay off the mortgage early or the lowest possibly monthly payment. They’ll help you find the best product for your situation. They’ll also take the time to answer questions you have during the process. This includes explaining the final contract and the closing process.
Call Whalen Mortgages today to learn what we can do for you.