There’s a lot of information whenever you’re in the market for an investment property. Like most people, you’ll want to get a mortgage. While getting a mortgage is the right choice for many people, it’s essential to understand the details involved.
That’s where mortgage advice comes in. Seeking Expert Opinion, you can make sure that you’re making the right choices for your unique situation and getting the best deal possible on your mortgage. So what are some of the benefits of getting mortgage advice? Keep reading to find out!
8 Benefits of Getting Mortgage Advice
1) Gives You Options for Sales
If you go straight to a bank or building society, the only mortgage deals you can get are the ones they offer. On the other hand, Expert mortgage brokers will look everywhere on the market to find the best deals for your situation.
A tied broker can only work with one particular lender, so it’s crucial to know the difference between a tied broker and an untied broker and a whole market broker, who can advise on products from many different lenders (although this may exclude some who only accept applications directly from customers).
2) They’ll Help You Find Loans That Fit Your Needs
With so many finance options, finding your way through the mortgage maze can be hard. Also, they can often change significantly when interest rates change.
Mortgage brokers put in the time and effort to research your situation and provide suitable home loan products with a low-interest rate for you, a down payment, all your income (or your combined income if you are buying with someone else), and your other personal circumstances.
They will tell you about the different kinds of mortgages, such as fixed-rate or variable-rate mortgages, and give you personal advice on the length of the term and the flexibility of the deal based on your needs and where you are.
3) They’ll Take Care of the Entire Process
Mortgage brokers will take care of the entire mortgage process, from the first search for a mortgage to getting a mortgage in principle, which tells you how much you might be able to borrow based on the information you give, to the application process, offer, and closing (when the funds are released).
A broker is familiar with a large amount of paperwork that comes with a mortgage application and can explain how important information, like the cost of child care or an annual bonus, should be shown.
4) Boost the Likeliness of Your Application Being Accepted
A lender will check your borrower’s credit file as part of your application to see how well you’ve handled loans in the past. The more likely you will get the mortgage, the better your borrowing power.
Even something as seemingly little as a late cell phone bill payment might harm your credit score. But a broker is used to dealing with a credit blip from the past. They will look at your financial situation and do what they can to help you get approved home loans.
Using a mortgage broker will also know how each lender decides if you can afford the loan. This improves your odds of being accepted.
5) Keep in Touch With Lenders
Brokers have been working with lenders in association with a financial institution for a long time because that’s what they do every day. For example, they will talk about new criteria and changes in policy regularly. This can help you get the all-important green light for your home loan.
6) Get Help if Your Income Isn’t Straightforward
A broker’s experience can be especially helpful if you are self-employed or your income comes from various sources.
They will have dealt with these kinds of applications before, which can be more difficult, and will tailor yours based on what they know about the profile and lending criteria of a specific bank or building society.
7) Remind People To Refinance
A broker will let you know when it’s time to remortgage, which means switching to a new deal when your current one ends. This lessens the possibility that the lender will switch you on to their potentially higher default variable rate.
And if you want to borrow more against your current mortgage, for example, to build an addition to your home, a broker can tell you how much you could borrow and the best way to apply for the money.
8) It’s Cost-free
Some brokers will charge you a loan application fee to set up your mortgage. However, many others, do not charge ongoing fees.
Instead, they get paid by the lender when your mortgage or remortgage is finalized. This is done with the help of a procuration fee.
But an adviser won’t get a commission based on how much you borrow or which lender you choose. Finding you the best price is their primary motivation. And there are no strings attached if you decide to use a broker and then change your mind. You can stop the process or even go straight to the lender.
So there you have it, eight compelling reasons to get mortgage advice. Granted, some are a little more pressing than others, but at the end of the day, in most cases, getting help from an expert is the best course of action.
Who knows? Maybe you’ll even find that the work is fun! Are you ready to get started? The first step toward realizing your dream of house ownership begins with a call to us. Seek professional advice at simplygc.com