Getting a mortgage is one of the biggest commitments you can make but getting the right advice and support along the way can make the process much simpler.
Using a mortgage broker to help you find a mortgage that is right for you can help you save time and money in the long run as well as many other benefits. Here are five things a mortgage broker can help you with.
Saves your money
A mortgage broker has access to a wider rage of mortgages compared to a bank, meaning they can find the right mortgage for you at possibly better rates and a better deal overall. Even though many mortgage brokers require a fee for their services, it could save you money long term with the mortgage deals they can offer you.
The advisers typically offer free consultations and only take the fee if you are successful in getting a mortgage.
They can give you crucial information
A mortgage broker will give certified expert advice on the different mortgage products that are right for you, based on your circumstances. They will explain the different types of mortgages and deals you can get and advise you on what you can afford to borrow. Not only this they can offer financial advice and how to get mortgage ready.
Find out about additional costs
There are many additional costs and fees associated with purchasing a home, that you may not have even considered. A mortgage broker can tell you what these costs will be from the beginning so you can add these into your budget in advance and avoid any expensive shocks.
Help you get mortgage ready
Even if you’re not ready to buy a home, a mortgage broker can help prepare you for the mortgage process and get you mortgage ready.
- Save for a deposit
Saving regularly can help contribute towards a deposit for your home and will show lenders you are financially responsible with how you handle your money.
- Check your credit history
Lenders will check your credit reports when you apply for a mortgage, so by looking at your credit history first means you can clear up any errors and ensure everything is correct. Equifax, Experian, and TransUnion all have your credit reports so remember to check these are all matching and showing the right things.
- Don’t forget about loans
Paying off any loans that are outstanding is a good idea before you start applying for a mortgage. A mortgage broker will give you advice based on your personal circumstances, on how to overcome these loans and tell you not to apply for any more loans before applying for a mortgage.
They handle the application
There’s lot of paperwork to complete during the mortgage application, but a mortgage broker will handle all this for you. They know exactly what forms and documents you need to sign, keep you updated on the progress of your application and chase up on outstanding requirements. This will make the application process simpler and streamline for you and allows you to focus on other aspects of purchasing your home.
Get in touch with your local mortgage broker
No matter where you are in your mortgage journey we are here to help and offer expert advice based on your personal requirements and circumstances. Call us on…. or click here to contact us.