- May 25, 2020
- Posted by: avantmortgage
- Category: Mortgage
Why should you work with a Mortgage Loan Broker for your Property Loans and Refinancing? – Many shun at the idea of property loans and refinancing when they receive calls from mortgage loan brokers because of a similar trait, it costs a lot and it is a huge decision to make which many may not be comfortable with.
The time to save up your money has never been more crucial now, especially in the current COVID-19 pandemic that is breeding a bleak economy. Even that slight difference in percentage could save you thousands of dollars that could really go a long way.
You might be wondering how your family, friends and even your neighbours are saving more on their home loans while you are paying an unjustifiable amount of money.
Mortgage loan brokers are the reason why.
What is a Mortgage Broker?
Mortgage brokers are consultants who act as the middle-man between clients and the banks and financial institutions (BFIs). They deal primarily in loan financing and mortgaging.
How can a Mortgage Broker benefit you?
- Their services are occasionally free-of-charge
Some mortgage brokers charge a small fee for their services. While there are some that do not charge a single cent. You can apply for a property loan at zero cost incurred. That’s right, you are not reading this wrong, there are no additional agent fees or hidden costs because the banks pay the mortgage brokers for their referral.
- Experts in getting the best rates
Think of mortgage brokers as the Google of home loans. They find the best rates and loan packages that are well-tailored to your needs from not only a single bank, but across many different banks.
You might think, why not just compare the home loan/refinancing rates across different sites? Well, mortgage brokers usually have close relationships with mortgage bankers, and this means they could sometimes convince a mortgage banker to charge a lesser percentage, and that slightly lesser percentage could save you a deal. Furthermore, mortgage brokers know which are the right forms to fill and help you with your paperwork, which will definitely save you time from constantly heading down to the bank and speeding up your application process a lot faster.
- They can also help in refinancing
Refinancing involves replacing their current loan with another loan from a bank, usually because of a lower interest rate. It is usually done in the 4th year of the home loan, but it may vary accordingly to the home loan package that you have signed up for. Mortgage brokers can advise and help with your refinancing by helping you source for a favourable interest rate which will not only help you save money in the long run.
Should you consider hiring a mortgage broker?
Definitely yes. The service is complementary and these brokers are professionals in their field, able to give you the best advice on your loans and help you to save, because let’s face it, your home loan will probably be the biggest debt you will ever incur next to a car loan.
It is simply not prudent to constantly be paying an unjustifiable amount for the next 20-30 years when you know that you could have been paying much lesser. So next time a mortgage broker is on the line, hold off on ending the call just yet, because you just might find yourself a good deal of a lifetime that you might regret not taking up.
Why should you work with a Mortgage Loan Broker for your Property Loans and Refinancing?