What Can a Mortgage Broker do for me?

 

A mortgage broker is a professional licensed person who can secure a mortgage for their clients. They act as mediator between client and lender. You don’t have to pay the broker because mostly brokers are paid by the lenders, after the mortgage closes. They are responsible to submit your all required documents to the lender.

 

Here are some useful questions that you can ask your mortgage broker:

• 1.       Which lender suits me according to my Financial Situation?
• 2.       What Interest Rate will I qualify for?
• 3.       Is there any Processing Fees?
• 4.       What are the “Hidden Charges”?
• 5.       Can you give me a Loan Estimate?
• 6.       How large should my Down Payment be?
• 7.       Is a Fixed Rate The Best Option For Me?
• 8.       Is There a Penalty Fee For Prepayment?

Check the important factor that why you should hire a mortgage broker:

Access to More Lenders

Mortgage brokers act like a one-stop shop for their clients, as they have hundreds of potential lenders in their panel. So, they can find great interest rates and get you approved quickly.

Negotiation

While banks expect the client will negotiate or accept the provided rate, Mortgage Brokers act as a negotiator between you and lender to get a lower interest rate

Flexibility

Mortgage brokers are not work in limited hours; they are very flexible with meeting and communication, as many are able to deal with meetings and paperwork through email, text, and Skype. If you are an introvert, you can also deal with an online mortgage broker to avoid face-to-face meetings altogether.