Looking for a home? If so, then you know shopping around for both your mortgage and your new home can save you thousands of dollars.
The problem is that shopping around takes time—a lot of time. You could spend many hours comparing different banks’ home loans and the different types of mortgages. In your home search, you may look at 25 or more houses.
Most people don’t have time to shop around effectively for both a mortgage and a home, which is why many people don’t get the very best deal they can. The good news is that you can choose to use a mortgage broker and reduce your shopping around to homes only; the mortgage broker can shop around for the best mortgage for you.
Why should you use a mortgage broker?
- Mortgage brokers are free. You don’t pay the mortgage broker, the banks do. (Usually the mortgage broker gets paid a small percentage of the loan amount.)
- Mortgage brokers aren’t loyal to any one bank. Brokers have access to many banks and can easily perform a home loan comparison to find you the best deal.
- Mortgage brokers want to find you the best deal. If a broker can find you the best deal, you are much more likely to take out that particular loan, and the broker gets a small commission from the bank. If you are dissatisfied and don’t take the loan, the mortgage broker gets nothing.
- You are under no obligation to the mortgage broker. True, the mortgage broker spends time trying to find you the best loan, but if for any reason you are dissatisfied, you are under no obligation to take out the loan with the broker.
- Mortgage brokers save you time. If you let the mortgage broker do the work, you save hours of time by not having to personally compare the many loans that are available from several different banks. That gives you more time to find your perfect property.
Buying a home is an emotional process. You can spend hours look for just the right home, you will likely negotiate to get a better price, and after all of that work, you still may not get the home and may have to start the process all over again.
Mortgage brokers work for you and can help you relieve some of the stress of looking for a new home by finding the best home loan for you and your circumstances. Considering mortgage brokers are free to homeowners, why not let an experienced professional help you shop around and reduce some of your stress over a very time consuming, but ultimately worthwhile, endeavor finding your home.