Six Ways Mortgage Brokers Can Help You Save Time and Money

If you're looking to buy a home in Philadelphia, you'll likely need to take out a mortgage. This process can be daunting, but mortgage brokers in Philadelphia can help you find the best mortgage rates and loan products for your needs. They’ll also take care of all the paperwork for you, so you don’t have to spend hours filling out forms. Plus, they’re experts on the mortgage process and can help you avoid common mistakes that can cost you money.

They also provide guidance through the mortgage process, from pre-approval to settlement. Mortgage brokers are impartial, meaning they work for you, not the lender, and will help you find the best mortgage for your individual needs. Mortgage brokers offer access to a wide range of lenders, which can save you time and money when you’re buying your first home or refinancing a home.

Here’s how they can help you!

1.     Helping you find low-interest rates

If you hire a mortgage broker, they'll sift through hundreds, if not thousands, of home loan options on your behalf.

When you walk into your local bank, they may give you one or two loan options. They'll almost certainly be typical, off-the-shelf items, and you won't have much of a say in the interest rate you pay.

on the other hand, if you hire a mortgage broker Philadelphia, they'll sift through hundreds, if not thousands, of home loan options to get you a good deal.

According to data from Finder, the average variable home loan rate is currently 5%. Your mortgage broker may be able to get you a better deal, potentially saving you thousands of dollars over the life of your loan.

2.     Personalized Financing

Mortgage brokers are financial specialists who have helped a large number of people with their home loans. Your broker will be able to customize a loan to meet your lifestyle, budget, and goals thanks to their excellent insider knowledge and hands-on expertise, if you want to take a second opinion, then the mortgage company will also help you.

That means your payments will be low, and every aspect of your loan will be designed to make life as simple as possible for you.

3.     Added Helpful Loan Features

Your broker will be able to customize a loan to fit your needs, budget, and ambitions.

Your mortgage broker will adapt not only the length of your loan and your repayments to your needs but also the way your loan operates by adding useful extra features. A redraw facility, for example, allows you to withdraw or deposit additional funds into your home loan whenever you want, giving you greater flexibility. You might also include a counter-balance account.

 This tool allows you to link a savings account to your home loan, reducing the amount of interest you pay on the part of your loan that you save. If you have a $400,000 principal and $100,000 in your savings account, for example, you'll only pay interest on $300,000 — a significant difference.

4.     Managing the Whole Process on Your Behalf

Securing and managing a house loan takes time, especially if you want to go to great lengths to obtain the best available financing. A mortgage broker will handle the entire process for you, from loan selection to approval and closing.

The importance of this cannot be overstated. Allowing your broker to perform the paperwork for you will save you several days of worry and stress, and professional guidance will always be available if you have any questions.

5.     Taking Advantage of Pre-Existing Bank Relationships

In reality, banks may view first-time home purchasers as a higher risk and limit their lending to people with lower down payments, fewer resources, or no history of repaying loans.

This makes getting a loan authorized difficult — unless you have a mortgage broker on your side. The top brokers have established ties with the lenders they work with and have inside knowledge of how they decide whether or not to approve a loan. They'll use their connections and insider information to bargain on your behalf, improving your chances of getting your loan approved.

6.     Assuring that You know what to Expect and When to Expect it

When you're approved for a home loan, the number of additional fees you'll have to pay may surprise you. Discharge fees, early exit fees, lender's mortgage insurance, application fees, and a variety of additional recurring expenditures are examples. These might truly put a wrench in your budget if they come as a surprise.

Your mortgage broker will attempt to reduce expenses while also ensuring that you understand when, what, and why you must pay additional fees to your lender. You won't be inconvenienced because you'll be able to budget for additional costs ahead of time.

Unless you're wealthy, money will be limited when it comes to purchasing your first home. Make your life easier by saving time and money by enlisting the assistance of a reputable local mortgage broker.

You will Soon Be the Proud Owner of Your Own Home!

When it comes to mortgages, there are a lot of misconceptions. Some people think that mortgage brokers are only for people who are looking for a loan. Others might think that mortgage brokers add on extra fees or that they push borrowers into products that aren’t the best fit for their needs. At the end of the day, a mortgage broker is someone who can help you speed up the process of getting your home and can save you money in the long run.

PierPoint Mortgage, a full-service mortgage company in Philadelphia, can help you with this. They specialize in residential and commercial mortgages and have a wide range of products to offer their clients. Their experts are here to guide you through the entire loan process – from pre-approval to closing, and everything in between. For more information, contact them immediately, and they can assist you in becoming the proud owner of your own home!