Why It’s More Important To Get A Mortgage Broker?

Why It’s More Important To Get A Mortgage Broker?



Acquiring your dream house could be one of the most amazing parts of your personal life. However, if you’re not ready enough with all the requirements and procedures, providing shelter for you and your family could make your life more stressful. You could even end up wasting more money after rejections from various mortgage applications.


Looking for the best home loan to suit your preferences and budget was not fun at all. With all these mortgage products available here in Singapore, you could spend many hours browsing the internet for your ideal mortgage deal, familiarizing yourself with financial jargon, and you still couldn’t find what you’re looking for.


If you’re convinced of the impracticality of DIY-ing all the hassles of finding a way to own a house, then the next possible best step you can take is to seek professional help. Here’s when the mortgage brokers could come to your rescue. Though you still have work on your part, getting a mortgage broker will significantly make your dream of acquiring a home a lot easier.


Mortgage Broker As The Middleman

Mortgage brokers are professional financial advisors who help people purchase real estate property. This person will take the job of going through the complexities and will only give you all the necessary actions on your part to qualify for a mortgage application. You will get all the help to prepare the paperwork and documentation needed for a home loan application.


Having all the professional networks, the mortgage broker will work for you as a middleman connecting you to different lenders and home loan providers. With all the options already in place, you will most likely find the best mortgage deal for your specific needs.


Having a middleman that connects you to the right people and companies is only one of the many benefits of hiring a mortgage broker. As we continue with this article, you could later realize that we barely scratch the surface.


Diagnostic Of Your Financial Health

Same with your physical welfare, your financial health could also be diagnosed to prevent issues in the future. Mortgage brokers will help you check the status of your finances as part of your preparation for a home loan application.


As you might already know, a home loan is a massive commitment that will take years, and most of the time decades to pay off completely. So, it’s only wise that you should ensure your personal finances can handle these additional continuous payments first.


Based on your sources of income, credit score, lifestyle, and other financial dues, the mortgage broker can help you get an idea of how much you can borrow. You can also get helped in identifying which lender could benefit you the most.


Expert Advice From Industry Experience

Though it’s still possible to successfully own a house without professional help, it’s also possible to find a better deal because you choose to seek expert advice. You can get leverage from the mortgage brokers’ industry experiences. They can also warn you for potential risks while making the best decisions suitable for your current situation.


Aside from all these expertise, they can analyze the real estate market conditions, which gave them a great foundation in suggesting you the best home loan product.


Saves You Time And Effort To Pre-Qualify For A Home Loan

Based on your financial health diagnosis, having a pre-qualified home loan means you’re almost certain you can get a mortgage for a specific amount. However, without a mortgage broker, you will surely be forced to extend a lot of time and effort to go through the pre-qualification process. Also, you should show yourself to different banks to submit your needed personal information and documents.


If you have a mortgage broker, then you don’t have to go to any banks at all. They will handle the grueling work and check if you pre-qualify for different home loans. Having all the experience and network, they can do these in minutes, instead of days.


Nowadays, with plenty of people getting Stay-Home Notice, online mortgage brokers are also available to get pre-qualification without the risk of going outside.


Preparation Of Documents For Better Chance Of Getting A Mortgage

Another risk of submitting your documents on your own for a mortgage application is the likelihood of being rejected. Mortgage brokers will ensure that your records are favorable for getting yourself a mortgage.

As lenders need to see if you can really pay off a mortgage, these financial advisors can help you improve your credibility as a borrower. For example, they’ll give you the advice to pay all your financial obligations on time. Though this seems obvious, it could be your wake-up call to seriously pay on time your monthly dues, knowing that it will improve your chance of getting a mortgage.


For more chances of qualifying, your mortgage broker can help you prove that you have a stable source of income to the lenders. If that’s not enough, you can also get corrected if you file your documents incorrectly to avoid the inaccuracy of your personal records.


Once the mortgage broker finally polished your documents, you don’t have to repeat the process in different lenders. A single application is enough; the mortgage broker will do the rest of the work for your application to multiple lenders.


You Can Save More Money For Not Paying Fees

People who chose to apply on their own thought that hiring a mortgage broker was making an unnecessary expense. In the long-term, a mortgage broker can help you minimize your processing fee from home loan applications. Though the prices are minimal, application fees to numerous lenders could add-up and cost you more. Thus, you have the “real” unnecessary expense.


If you decided to work with a mortgage broker, you might not get any charges at all. Since this professional work between you and the lenders, you don’t have to pay fees that banks typically charge.


Usually Without Service Fee, But Works On You Side

As another way to save more money, mortgage brokers don’t usually ask for any service fee. Most of the time, it was the banks that pay the broker’s commissions only after they successfully refer to an applicant. Though you get financial services without your expense, you’re still assured you get unbiased advice as they didn’t work for one particular lender only.


Having said all of these advantages, you probably decided to get professional help from a mortgage broker to finally get that dream house that you and your loved ones deserve. Of course, without spending too much money, and exerting too much effort.