Understanding Mortgage Brokers
More and more property buyers
are choosing mortgage
brokers to secure a new mortgage or renew an existing mortgage, but why
should you use a mortgage broker instead of a bank?
It is common for people to want
to use their own financial institution when looking for a new mortgage. There
is an existing relationship with a level of familiarity between the bank and
borrower. Some people make the assumption that all mortgages are essentially
the same in terms of mortgage rates and terms so it pays to go with a bank you
are already familiar with. This is not the case at all.
Making these types of
assumptions today can have very expensive consequences. The major banks are not
the only types of financial institutions that are available to secure
mortgages. An existing relationship with a bank may help you get a decent
mortgage rate, but how will you know you are getting a truly competitive rate
that could save you many thousands of dollars over the life of your mortgage? You
won’t know unless you shop around.
With the large number of
potential lenders available today, it would take a very long time to personally
contact each one to receive a mortgage rate quote. Mortgage brokers provide a
FREE, professional and very valuable service for clients by doing all the
legwork of finding and comparing the best possible mortgage products and rates
available. Mortgage brokerages often compare the best rates available from
dozens of different lenders (including major lenders, credit unions, trust
companies, etc.) and may have access to lower, unadvertised rates. Mortgage
brokers can also compare different mortgage terms in order to find the best
mortgage for each client’s specific needs.
Changing the Way Mortgages are Secured
Traditionally, people secured
mortgages by physically going into the bank and filling out a mortgage
application. This method was uncomfortable and is often regarded as the most
intimidating part of the property buying process.
Today, it is possible to apply
for a mortgage through a mortgage broker without having to leave your home.
Mortgage brokers are independent and objective because they do not work for any
specific lenders. They can be a valuable source of expertise and professional
advice regarding mortgage terms, rates, various mortgage products and even
current market conditions.
Attempting to negotiate on your
own with various banks and lenders is not only time consuming, but it can also
negatively affect your credit rating if each lender performs a separate credit
check. A mortgage broker will preserve your credit rating by negotiating on
your behalf with many institutions while only performing one credit check.
The Convenience of a Full-Service Real Estate Agency
JN Asensio is a full-service
real estate brokerage that offers clients the ultimate in convenience with
one-stop shopping for all of their real estate needs. The team includes
full-time licensed REALTORS®,
experienced administrative staff and a mortgage brokerage.
The entire JN Asensio team is
dedicated to working hard to create strong client relationships by supporting
clients through every step of the property buying and selling process. Their
success is evident in the amount of repeat business and referrals that are
received. Choosing expert real estate agents and a mortgage broker with access
to many different lenders is the absolute best way to protect all of your
interests in a hectic real estate market; make the most of your time and money
by contacting JN Asensio today.