Securing financial independence is not an easy feat especially, with speculation and suspicion that has been running through the financial institutions, as to, whether the so-called, mortgage brokers, give a hoot to client’s interest or they are just masquerading and deliberately sinking them to more financial woes.
We are going to demystify, if indeed working through a dealer is what you need, so as, to secure your future and grow your wealth.
Is it beneficial to work with a Mortgage Dealer?
1. Variety of Loan Products
As you may only be familiar with the banking institution you transact with-or you may be offered products by the bank loan officer about that specific bank, a dealer has access to quite a number of loan products from different financial banking institutions.
2. Customization
Borrowers vary, and with that in mind, a dealer can find the exact loan product that meets your specification and needs. The dealer aims to specifically serve the interest of the client rather than those of the financial institution.
Besides, you may need a higher amount than the banks would approve. In such a case, a dealer can help you navigate the murky financial waters and get a suitable render to meet your needs.
3. Reduced fees
A dealer gets better rates from lenders compared to you as an individual due to the amount of business that they generate over time. That means that you get better rates through them. You will also get the best value in terms of repayment amount, loan product, and interest rate. Some even have no lender fees.
4. Get Guidance
Since there are a variety of loan products, you might be swayed to the wrong lender. This is where a dealer comes in. Besides assisting you in identifying the right product for you, he or she will help you stay away from lenders with complicated terms buried on their mortgage contracts.
5. Save Time
You obviously, want the best, right? Scouring through different lenders and compiling that information to identify the right product is daunting. However, by having the expertise of an experienced middleman at your disposal, you will be guaranteed accurate information and comparison accompanied with suggestions to make the right pick with a limited amount of time.
How to pick the Best Mortgage Dealer?
The real estate market crash in 2008 raised a lot of questions about middlemen and their interest. What the best way to note a worthwhile mortgage dealer?
• You are encouraged to do a thorough check up on their online reviews plus if they have been licensed with your state licensing authority. This will clear any doubts or affirm any concerns that you may have.
• Ask for a reference from family members, friends, and your realtor. Having someone to back up the dealers capability will boost your confidence and assurance of the expected service.
Information to arm yourself with includes:
1. The information to provide on your loan application.
2. Get references, contact information and names of recent clients for the dealer you choose.
3. The duration in which the broker has been in business.
4. The amount of fees to be paid on the loan suggested.
5. Reasons for the recommended loan and features that come with the loan plus an overview on how it works.
Recap
As much as you may be able to save time and money, this does mean you put your finances against the ropes by not conducting and taking the necessary steps to identify the best dealer.
A broker is supposed to work for your best interest and should, therefore, offer you a wide range of loan products and guide you in the right direction.