Getting You the Best Mortgage Rates

Do You Need A Mortgage Broker?.

16:43 12 March 2013

Buying a new home is a big step, and it can be quite an intimidating process. There is a lot involved from the time you start your home search until you close the loan and get the keys to your new home. You could use some help along the way. A mortgage broker might be just the help you need.

• First, let me define what a mortgage broker is and what they do. A mortgage broker is a middleman between the home buyer and the lender. 

 

• Their job is to assist the homebuyer in the process of looking at the mortgage funding options available from multiple lenders, and then help then decide which is best for them according to their credit worthiness. 

 

• They also assist home buyers by introducing them to programs that can help them improve their financial standing before applying for a loan. 

 

• The last few years has seen a decline in the popularity of mortgage brokers due to several high profile incidents where brokers were found to be steering buyers into deals that were not in their best interest. 

 

• However, there are many good brokers who can provide needed assistance to new and inexperienced homebuyers. But one would be ill-advised to choose a mortgage broker without research them thoroughly and knowing what kind of performance record they have and what services they provide.

 

If you are not comfortable with dealing with banks directly and if you don’t clearly understand the lending qualifications and processes, a good mortgage broker will be a definite asset to you search for the best low interest mortgage.

 

But even when you choose to go with a mortgage broker, don’t just blindly trust them to take you by the hand and lead you to the promise land. Use the relationship as an opportunity to ask questions and gain personal knowledge to make you more knowledgeable of the process.