What You Can Expect
Most people can benefit from using a mortgage broker, but for first time buyers it is even more essential. If you are buying a property for the very first time, having all the expert help you can find will make the process much smoother, and you can’t get much better than an experienced mortgage broker. Here is what you can expect from their advice about mortgages.
They’ve done this so many times
If you are going to do something as big as buying your first home, you’ll want someone who has navigated that process plenty of times before in your corner. When you work with a mortgage broker, you are working with someone who has helped countless buyers just like you. This means that they know how to get through the process as efficiently as possible without cutting any corners. Think of them as your expert guide!
They have access to a wide range of lenders
When you approach, say, your bank about a mortgage, they are just going to talk you through their own products. While that can work out well for some people, it’s not the best approach for everyone. If you have a complex credit history or you are self-employed, your bank might turn you down right away. If you work with a mortgage broker, they will search the whole of the market, finding lenders who are likely to approve you.
They can help you to save money
A lot of people see using a broker as an unnecessary expense, but it can actually save you money in the long run! Your broker is going to look through all of the available deals and see which ones will cost you more. You don’t want to get caught out paying more interest than you need to, or tied into paying extortionate fees that you didn’t know were associated with your mortgage. When you work with a broker, they’ll be totally transparent about costs and work hard to find you the best value.
It’s also worth noting that many reputable brokers won’t charge you a penny if they can’t find a deal for you, so there’s little risk in getting their help.
They’ll handle the application for you
Mortgage applications are a walk in the park – said no one! Completing your application can be so laborious, and it comes with the anxiety that you have missed something or won’t make a good impression on the lender. When you work with a broker, they’ll handle the application for you. This will save you so much in the way of stress. They will make sure that it is completed in line with the lender’s requests, and that your case is presented in the best possible light.
What to do next
As you can see, working with a broker has so many benefits for first time buyers. If you are thinking about applying for a mortgage, why not get in touch with an experienced broker in your area today?
