The median monthly mortgage payment for Americans has been steadily increasing and the trend continues to rise. While competitive mortgage rates can be found through online searches and offline research, there is much more to consider other than a simple comparison of rates from various institutions. This is a process that requires knowledge, experience, and a considerable amount of time.
For many new home buyers, the first step is to learn about what a mortgage is and how it works. This added step is also likely to be time-consuming and often, the understanding is only at a surface level.
This is where a mortgage broker comes in. As field experts, they are the key to a successful and economical home purchase or home refinance. Read on to learn about why you should be hiring a mortgage broker and how they can guide you through the process.
The Advantages of Working with a Mortgage Broker?
When you go to a bank to learn about their mortgage rates, they are limited in what they are able to offer and do not consider the rates of other institutions. When working with a mortgage broker, he or she can search through the entire market to find the best rates and programs for their clients.
Not only will this allow you to compare what is currently available, but will also provide you with more options better suited to your financial needs. In the end, one of the most common goals is to reduce your mortgage costs in the present and future. This could be the difference between living comfortably within your means and having monthly financial struggles.
Another advantage of hiring a mortgage broker is transparency. They can recommend the best rates, without any apprehension or misgivings. This is because they aren’t getting paid commissions on particular products, unlike mortgage advisors working for a bank.
A good mortgage broker can do all of the legwork for you in a timely manner. They will pull your credit report, fill out all of the necessary documentation, verify your income and employment, and apply for loans and terms that are best for you.
Overall, the goal is to save you time and money, and to make the mortgage process seamless.
How Are Mortgage Brokers Paid?
Mortgage brokers are commonly paid by the lenders and sometimes by the borrowers, but never by both. This would be an illegal action.
You may choose to pay the mortgage broker yourself, and it usually adds up to 1 to 2% of the loan amount. It is good to note that federal law does limit the compensation amount, so be cognizant of your agreement.
Searching For a Good Mortgage Rate in Charlotte?
If you are searching for a good mortgage rate in North Carolina, get in touch with Mecklenburg Mortgage today. We are a highly-rated mortgage broker company with 13 years of experience in the mortgage industry.
Our experienced mortgage brokers will walk you through the entire mortgage process from start to finish and provide you with valuable advice to ensure your payments are within your means.
Contact us today and get started on the smoothest home purchase experience of your life.