One of the most important aspects of the house-buying process is obtaining a mortgage offer. At that point, you can relax a little, assured that the bank will lend you what you need for the home of your dreams.
Here’s the catch.
Despite understanding how important the mortgage application process is, all too many buyers fail to spend adequate time searching for the best deal or simply don’t know how to. During this time of economic difficulty, after a year in which mortgage approvals fell, knowing what you’re eligible for is a must.
That’s where a local mortgage broker comes in.
Mortgage brokers can save you valuable time and money by finding you the right deal for your needs. In fact, some brokers even have access to better mortgage deals than you’ll find elsewhere. With the financial and time gains you’ll make, working with one is a no-brainer.
Here’s why you’ll benefit from working with a local mortgage broker and how they support you in the house-buying process.
Let’s face it, the process of buying a home isn’t always simple. You’ll benefit from having somebody support you continuously throughout the process, especially if you’re a first-time buyer.
Terms like loan-to-value ratio and variable rate might confuse you, but your mortgage broker will know exactly what they mean.
With an expert on-hand to answer all your questions and calm your worries, you’ll save yourself not only a lot of stress but a lot of time spent on Google.
Mortgage rates aren’t the easiest thing to get your head around, and it can be tricky to determine which deal will save you money in the long term.
You might wonder, for example, whether you should pay a fee for a cheaper monthly mortgage, whether to go for a fixed or variable rate and for how many years you should take out your mortgage for.
Brokers are experts in all things mortgages, so once they understand your budget and situation, they’re best placed to advise you on which deal will work best for your needs.
Having somebody do the research on your behalf can save you time, while having access to the rates not available elsewhere could cut your costs. The more time you have available, the longer you’ll be able to spend getting on top of the other parts of the buying process, therefore speeding it up.
Plus, by working with an expert to establish affordability, you can help avoid being one of the 80,000+ Brits in arrears on their mortgage.
One of the biggest advantages of working with a broker is that they tend to have access to a wider range of deals from lenders. With the help of a broker, you might even be able to access deals that aren’t available elsewhere on the market.
That could mean a better mortgage rate, a lower deposit needed, or even finding a mortgage that offers added extras such as cashback.
Regarding the paperwork for your home, there isn’t much room for error. Most of the time, you’ll be signing legally binding paperwork. Plus, failing to get your facts straight or provide accurate information when you apply for a mortgage can translate into a real problem.
When you work with a local mortgage broker, they can support you through difficult tasks, such as filling in paperwork and explaining the jargon in a way you understand.
The more help you have with tasks such as these, the less time you’ll need to spend doing them, freeing up your time to focus on other important parts of the process.
Local mortgage brokers know the property market in their area like the backs of their hands. They, better than anyone, will know how likely you are to get approved by a lender for a house within your budget.
This invaluable local advice can help you to make important decisions during your house-buying journey with the full set of facts at your disposal.
When you work directly with a lender, you’ll get the same approach as every other house buyer. No personal advice, no account manager whose job is to look after your mortgage, and no expertise tailored to your personal situation.
The bonus of working with a local mortgage broker is that they’ll be able to tailor their approach to your needs, budget, and current situation.
Applying for a mortgage and waiting for the result can be one of the most stressful parts of the house-buying process. Let your local mortgage broker take the stress off you, save you valuable time, and find the best deal for your needs and budget.
That way, you’ll have more time to focus on the fun parts of buying a new home, such as picking out your furniture and getting to know the local area.