Banks have tightened their lending criteria. It is much more difficult to get a home loan than it was years ago. It seems that in the coming months and years it will only become harder to acquire a mortgage. This doesn’t have to mean that you are going to be tied into a terrible deal by your bank. In fact, it is more important than ever to be fussy and make sure you get a great deal on your home loan. One of the best ways to get a great deal and let someone do the hard work for you is to enlist the help of a mortgage broker.
A mortgage broker will liaise on your behalf with banks and lenders to negotiate the best possible deal for you on a home loan. Most brokers will meet with you initially to discuss your needs and then present you with a range of options regarding your loan. They will negotiate the interest rate and any applicable fees with the bank.
When you are looking for a mortgage broker, the most important element you must seek out is trust. The home loan you end up with will become a massive part of your life, so when choosing someone to broker it for you, look for the best.
Although a lot of people are not aware of this, a bank will negotiate on its interest rate and deduct some fees and charges to ensure they get an attractive customer on their books. The broker will not only barter on your behalf but will make you seem more desirable to the bank.
Not all mortgage brokers are created equal. Before you make your decision it’s a good idea to speak to a few brokers. Find someone you feel comfortable with and someone who is enthusiastic about your work. There are some brokers who will sign you up for the deal that is easiest for them, or worse, the one that will earn them the most commission. Make sure you are aware of what’s in it for you before you sign on the dotted line.
We would love to help you out by answering any questions you may have whether you’re a first-time home buyer or looking to refinance your current home loan. Give us a call at First Rate Mortgage in Fremont and we can help you with your home loan needs.