5 Key Reasons Why You Should Use a Mortgage Broker

If you’re reading this, you’re most likely on the lookout for a great mortgage. Are you wondering where you should begin?

A mortgage broker is a great resource to finally getting the keys in your hand. They act as an intermediary between you and the lender. Think of them as your personal mortgage representative.

In this blog, we’ll share five reasons you should use a mortgage broker and how they give you a competitive edge when shopping for a home loan.

1. Lenders have leverage that you don’t.

Do you know the ins-and-outs of loan products, rates, and terms? Your lender does, which places you at a disadvantage when selecting the best mortgage.

Loans are intricate and nuanced. One small detail can add up to big costs, not to mention surprises down the road. Moreover, one loan program may look exactly like another, but they can have starkly different terms. Since you’ll likely be carrying this loan for the next 15-30 years, it’s important to be comfortable with what you’re getting into.

Because a local mortgage broker gets to know you, they will identify which loans work best for your goals while cutting through the fine print.

2. Mortgage brokers take the stress out of applying.

Let’s say you go into your standard bank to inquire about a mortgage.

You may be inundated with financial jargon, confusing paperwork, and high-pressure sales tactics. For the everyday person looking to get a mortgage, this can be an uncomfortable experience. Besides, you don’t want to be persuaded to say yes to something you don’t understand.

Mortgage brokers serve as buffers between you and mortgage lenders. They’ll handle the phone calls and paperwork while bringing you back answers that you can understand.

Remember, mortgage brokers get paid once you close on the mortgage. They also want to keep you as a client in the long term, so they have an incentive to make sure that you get the best loan possible, which is a big reason why you should use a mortgage broker.

3. Brokers can help you work through credit issues.

If you’ve had credit problems in the past, your broker is an excellent resource to get you back on track. Even better, they can show you exactly what steps to take so that you qualify for a mortgage.

• Most local brokers have free credit repair programs that will get you on the path to homeownership.
• Brokers will do a credit deep-dive and pinpoint what needs to be corrected and what you can do about it.
• They can give you a timeline of when you can get approved for a mortgage once your credit issues have been resolved.

Brokers also know which loans are best suited for applicants with less than perfect credit. In short, they know how to open doors that you may feel are closed to you.

4. Brokers know how to make your application shine.

Lenders may be less willing to consider your application’s subtle aspects, but that doesn’t mean they’re not looking for specific things.

Mortgage brokers know what lenders need to see. They will give your application a leg-up so that you maximize your strengths and minimize the things that may lead you to hear “no.”  

Many brokers will even work closely with you to fill out the application.

Having an expert review your application is a huge reason to trust a local expert when searching for a mortgage.

5. Brokers increase your chance of qualifying.

If you go directly to a bank or an online mortgage lender, you may not qualify. This is perhaps one of the biggest reasons why you should use a mortgage broker, and here’s why:

• Lenders have stricter requirements and may be less willing to look at the whole picture of your application.
• Brokers know a variety of lenders, which gives your application more options should one particular lender say no.
• Did you get a new job? Did your credit score increase? These are all things that a lender may not think too much about other than briefly. A broker will communicate the elements of your application to give you a better shot at qualifying.

Mortgage brokers can offer context to your application to increase your chances of getting approved.

Bottom Line

There are big advantages as to why you should use a mortgage broker. They cut through the noise and position your application for a better chance of approval.

At Troy City Mortgage, we help people just like you get approved for mortgages that work best for them. We show people every day that they have what it takes to become homeowners, and we work diligently to make it happen.

If you’re confused about how to start the home buying process, get in touch with us. We’ll make your mortgage make sense.

Click here to start your journey home.