Interest rate comparison sites and the ability to drop an email to your bank or credit union asking for a mortgage rate quote makes it easier to shop for a mortgage than it has ever been. However, this hasn’t rendered Red Deer mortgage brokers obsolete. In fact, their one-on-one relationship with clients and lenders is invaluable in a world of automated underwriting and credit checks. We’ll share the reasons why you still need a Red Deer mortgage broker.
A Mortgage Broker Works for You
Mortgage brokers work for their customers, not financial institutions like banks. This means they will find the loans that meet your needs, including but not limited to those with the lowest interest rate. They’ll explain the terms and conditions that come with each loan so that you make an educated decision. Mortgage brokers are available on evenings and weekends to help you with paperwork or answer questions you may have about the application process. Depending on the arrangement, the mortgage broker may be able to submit paperwork on your behalf and shepherd your loan application through the approval process. Then you don’t have to worry about resubmitting your pay history over the weekend.
A Mortgage Broker Gives You Options
They’ll pull from a wide network of financial institutions, big and small, to offer you a variety of choices. Your bank may refuse to extend a mortgage on a second home, a fixer-upper, a mobile home, an investment property or a home you want to use in part as a business. Mortgage brokers can find lenders who will work with you. You’ll want to work with a mortgage broker if you want to find a loan you can aggressively pay down or with an unusually long or short loan term. A mortgage broker may be your only hope for buying a house with just 5% down or a second home with 10% down.
A Mortgage Broker Can Get You Better Loan Terms
Your bank may charge you higher fees and/or interest rate because you missed a car payment six months ago. Or they’ll consider your decision to start your own business as risky, though you’re making more money than you did at your old job. Mortgage brokers work with a variety of lenders, and they’ll know which lenders will consider you credit-worthy. They can also help you put together the necessary paperwork to submit with the loan so that it gets approved. They can guide you through the process so you don’t make mistakes that lead to higher interest rates or fees.
Call Whalen Mortgages today, to discover your Mortgage options.