When is a good time to use a mortgage broker?

If you’re like most people, you will likely need to take out a mortgage loan when buying a home. Most home loans are 30 years, and you want to make sure that when you understand all of the fine print before you sign up for such a long commitment. A mortgage broker can make sure that you make the best decision for your unique financial situation. So when is it a good time to use a mortgage broker?

Here are three times it’s good to use a mortgage broker:

1. You feel overwhelmed and stressed because you don’t know where to start the process of initiating a home loan.

Unless you’re a banker or you’ve spent hours upon
hours doing your research, you will likely feel overwhelmed when you hear all of the confusing mortgage terms like “Conventional loan”, “Discount Points”, “Adjustable-Rate Mortgage” and “escrow.” You also may be stressed out, not knowing if you can qualify for a home loan or what kind of loan you should consider. A mortgage broker will help you understand everything from pre-approval to closing.

2. You want the best loan terms available.

You may be going through this experience for the first time, but an experienced mortgage broker has gone through the loan process hundreds if not thousands of times. They will work closely with you to ensure you get the best loan according to your financial situation and qualifications. Mortgage brokers
know which banks are the best to work with and have the best rates. Since they already have relationships with many banks, they can often get a better interest rate than you could on your own.

3. You don’t have time to read the fine print or fill out tons of paperwork.

Any time you sign your name on a 30-year commitment, you will want to ensure you fully understand the terms of the agreement. However, you might not have time to comb through all of the fine print and research all of the terminologies. A mortgage broker will make the process quick and easy for you, working with your best interest in mind and making sure there are surprises when you receive your mortgage bill. A mortgage broker also fills out all of the tedious paperwork on your behalf (and yes, there’s a lot!) so that you don’t have to spend hours on forms.