The solemn act of buying a house can be a very stressful experience, especially for first-time buyers. It’s a significant step into independence and the assumption of a new set of responsibilities that come with it.
Most Estate Agents will always want you to start your financing process first, that’s the moment when you should definitely talk to a Mortgage Broker.
A Mortgage broker will be able to find the best possible loan deal that best suits your needs, in a very short amount of time.
They can also handle the following:
Act as an intermediary with financial institutions
Brokers do not lend money, they are authorised and licensed professionals that act as an intermediary with lenders such as banks or loan agencies, to help people get funding for their real estate projects. Once you decide to acquire a loan and contact a mortgage advisory firm, they will do a thorough assessment of your current finances and accordingly, find the appropriate loan financing options and mortgage products most suitable for you.
Working with a mortgage broker will not only save you quite a lot of time but also help you avoid all the trouble that comes with having to deal with financial institutions and the endless paperwork they require.
A broker does all the tedious tasks of originating the loan, contacting different mortgage lenders and applying for pre-approval, collecting important documents required for the lending process and filling out the loan applications. They work in tandem with lenders, real estate agents, attorneys, underwriters, and title companies through the entire purchasing process.
Mortgage brokers have extensive knowledge of the financial system they work with. They are experts in the field who know all the specifics and details that go when dealing with certain financial institutions, so they are in the best position to work around any red tape to make sure their clients get the best treatment, reasonable rates, and a great deal depending on their financial situation.
Explain the mortgage system and negotiate in your behalf
These experts understand and can explain to you all the financial jargon that is needed to embrace this complex market without losing focus. From the differences between fixed and variable rates to the types of mortgages one can aspire to in Ireland. They also offer advice about suitable offers and will tell you the hard facts when a deal is out of your reach.
Mortgage brokers help their clients see the entire picture, on things that could be really complicated for a normal person to understand if they had to deal with them on their own.
Final thoughts
A mortgage broker may speed up and simplify the overall lending and buying process, but it is always advisable to do your own research, making sure you select a broker whom you can trust and has your best interests in mind.