A Mortgage Broker is like an Iceberg…
April 2, 2009 First Time Home Buyer, Interest Rates, News No CommentsThe iceberg is a beautiful and powerful sight. While it floats out of the water, its true wonder lies beneath the surface. A Mortgage Broker is no different. When I ask people in our neighborhood about the benefits of a Mortgage Broker, I typically hear the same thing, “They got me a great interest rate.” While this is often true, it is also only the tip of the iceberg. Mortgage Brokers can do so much, and it is a shame when people do not take advantage of all of our services.
A Mortgage Broker asks all key questions of you before you move forward. We ask lots of questions in the process because the lenders are going to ask. The more we understand, the more we can be prepared to answer all of your questions and their’s. We also check your situation with lenders before you move forward. Each situation, the details of your finances and your purchase desires, is unique. Knowing that your specifics have been dealt with leads to peace of mind. We do not always have the answers, but when in doubt, we will check with key lenders in order to get the best answer for you.
In order to meet with lenders you must have certain documents gathered. We assemble this paperwork to confirm your situation before you commit to purchase or refinance. The documents are important as they can tell your story from a different perspective; one that can affect your overall application. We check what the paperwork is saying to be sure you understand your situation as the lending institutions will.
There are many players involved in the purchase of a new home, including realtors and lawyers. Your Mortgage Broker can work directly with your realtor for a better and stronger team dynamic. It is important to have continuous communication between you and your realtor. Communication is a key driver for all business activities. We open the lines of communication to strengthen your team. We can also follow-up with your lawyer if necessary, to confirm dollar amounts, closing dates or other miscellaneous but important details. It is in everyone’s best interest to ensure that there are no problems at any point of the process. Your Mortgage Broker will typically keep in contact with your lawyer’s office to steward the final part of the purchasing process.
The money side of a home purchase can seem daunting so we confirm that your payments will work for you before you commit. For many of us, the use of financing is based upon how it will affect our monthly budget. We let you know all the costs associated with your purchase. Your Mortgage Broker can mitigate most, if not all, of the risks in your file. Because we are active daily in the business of lending money we understand it as well as the risks associated with your specific situation. What if there’s an accident or death after the purchase? Your Mortgage Broker can give you information regarding mortgage insurance as well as other options for life and disability insurance to assure that your family and your home are protected.
While all of these are services your Mortgage Broker can offer; some of the greatest are understanding and knowledge. We can explain the process and the documents in a way that you can understand. We make sure you are comfortable with what is being done. If you do not understand due to a language barrier, it is vital to find a Mortgage Broker who can speak in your native tongue.
The real value of a qualified Mortgage Broker goes far beyond getting you a great rate. We can be helpful in stabilizing the entire refinancing or purchasing process. By taking advantage of all the tools that Mortgage Brokers have at their disposal, you can ensure the smoothest home buying purchase possible. Please take a moment to ask your friends or do some research on the web to find out which Mortgage Brokers can offer you the great service you deserve. The resulting smooth and worry free purchase will be well worth your time.