Should You Use A Mortgage Broker?

In today's episode, we will deconstruct what a mortgage broker does, why you need one, how they can help you get a home loan. We will also understand the benefits and downsides of using a mortgage broker. We will also cover who mortgage broker might be best suited for.  Here is a brief overview of the benefits of mortgage brokers: Free of Charge The first advantage of going through a mortgage broker is that they don’t cost you a thing In most circumstances. they are pretty much working for you for free until you actually get a loan, till that point everything they do is free of charge. Available The second advantage of going through a mortgage broker is that they will actually pick up your calls quickly and guide you through the financial aspects of purchasing a home. You can literally ask them about anything related to this and they will be happy to answer. They have done this 100s of times before.  Hand Holding Mortgage brokers are the middle man between you and the lender, they will do all the work on your behalf. They will explain all the things you can do to improve your finances before you apply for a loan, they will also help you identify any issues that could work against you and give you some solutions to remedy them or work around them.  Here is an overview of some disadvantages of mortgage brokers: Commission A mortgage broker may not work with lenders that pay them a low commission. And that very lender may have a fantastic deal that is right for you, so you miss on that great deal!  Longer to Process Sometimes it might take longer for your home loan application to be approved, just because you are going through a broker and not directly to the bank. As your application will need to be prioritized & as it is coming from a broker, the bank may not want to prioritize it as high compared to the home loan applications they are receiving directly. More documents may be needed Since you are working with a mortgage broker who is external to the bank, you will be required to submit extra documents to them, li