Mortgage rates are at a record low and it may be a good time to think about buying a house. Having a higher discretionary income will work to your advantage when obtaining a loan but there is much more to the process. There are several details to consider when making these decisions between yourself and the lender. An experienced mortgage broker can provide clarity on how the process works and optimize for the best options given your current situation.
Both North and South Carolina offer markets that are competitive for those looking to buy and for those thinking about refinancing their current home loan with better rates.
Keep reading to learn about what a good mortgage broker can do for you.
Sound Financial Advice
A mortgage broker can provide you with valuable financial advice, whether for a new home purchase or a home refinance.
They can also be the voice of reason, answer any questions you may have, and check your financial records. They will advise you on what is affordable and how to optimize your overall situation. A mortgage broker can also connect you with a real estate agent suited for your needs.
Lenders often provide borrowers with many mortgage options and this can lead to confusion. A mortgage broker can swiftly eliminate options that will not work well with your current finances.
They will explain in detail the pros and cons of the types of mortgages you should consider. Additionally, a mortgage broker can help you prepare for a mortgage application and make sure you aren’t wasting your time with excess steps.
Help With the Negotiation Process
Most borrowers are unfamiliar with the process of negotiating a mortgage or refinance rate and acquiring the best rates is no small feat. Skilled mortgage brokers have the market knowledge, will work with multiple lender sources simultaneously, and use the right tools to get the best outcomes.
Mortgage brokers can also receive discounts as they negotiate with multiple sources. Banks will commonly offer incentives to brokerages in order to push their loan options. In most cases, you will receive a better rate offer through a mortgage broker than if you were to negotiate on your own.
Free Up Your Time
Making a home purchase is typically a long process and a mortgage broker can be there to monitor every step of the way. This means dealing with multiple lenders and narrowing down the best options for you as a buyer.
This allows you to spend more time focusing on your family, work, and preparing for your goal of homeownership.
Work With a Mortgage Broker in North and South Carolina
Are you still on the fence about hiring a mortgage broker?
While it is possible to negotiate a mortgage rate on your own, having the backing of a market expert can save you money, understand the process, and help you make informed decisions.
If you live in North or South Carolina, don’t hesitate to contact us. Our mortgage brokers are here to help you achieve your homeownership goals.