You are in need of a mortgage to buy that special house you and your partner have your eye on. With a growing economy and favorable lending rates in the current market, you should still shop around for the best deal that you can get. A lower rate on your mortgage could save tens of thousands of dollars over a 30 year period.
Once you have decided to take on a mortgage and meet all the requirements, decide how you are going to finance it. To get the process started, you have a few options. You could take a trip down to your bank and speak with a loan officer. You could shop online for mortgages before contacting three or four banks for more information. You could check out a couple of online mortgage brokers as well.
The third option is your best bet in all likelihood. Why? Consider that good regulated mortgage brokers can do a lot of things for you that bank loan officers cannot. They can also do things that you can’t do yourself just by visiting comparison websites. Not convinced? Then check out these top three reasons to use an online mortgage broker to finance your new home:
1. You Don’t Really Know What’s Out There
First and foremost, you probably don’t know what’s out there in terms of mortgage deals. Even with a useful mortgage checklist, there are many different options to choose from. And no, you are not going to find every possible mortgage deal by checking comparison websites. Those websites are extremely limited in both their listed deals and the details pertaining to each of them. They are better than bank loan officers but still inadequate.
While were talking about bank loan officers, never forget that they are limited to dealing only in the products their banks have on offer. You are certainly not going to get dozens of different choices from a bank or building society. On the other hand, independent mortgage brokers have access to nearly every kind of deal currently on the market. They know what is out there, and they know what deals are the best fit for you.
2. More Opportunities To Save Money
It is important for you to save money on your mortgage. And why not? There’s no point in paying an unnecessarily high interest rate or accepting a mortgage deal with high fees and charges. Not paying too much goes back to knowing exactly what’s out there. If you do not know what is available, you are going to have a harder time saving money.
Here’s the thing to know about independent online brokers: they have access to ‘broker-only’ deals that aren’t available through banks or published on comparison websites. It is quite possible that the most affordable mortgage for you is one such deal. If you want to save money, you really should have a broker looking at all the different mortgages currently on offer.
3. Going Online Is Convenient
The third reason has less to do with finding a great deal and more to do with protecting your valuable time. Simply put, using an online mortgage broker is extremely convenient. You can log on and get started whenever you have the time – day or night. Communicating with your broker is as easy as sending an e-mail or submitting an on-site contact form.
By contrast, plan on carving out several hours of your time to sit down with your local bulge bracket bank loan officer. Making an appointment with a mortgage broker at his or her office is the same kind of deal. You are limited to their business hours and their schedule. Even if it is not convenient, you may have to set an appointment at a time when you have very little time to spare.
Working online with your mortgage broker means you do not have to travel across town. It means you are not spending time on the phone listening to hold music. Most importantly, you can work with your mortgage broker even if you are on holiday or out of town on business. They would also be open to discussing any other questions you have via email or phone. That is the convenience of doing things online.
So, what do you think? Are you ready to consider online mortgage brokers for financing that new house? We hope so because it is the best way to do business for most buyers.