Ravi Chandran
Loan consultants offer home loan seekers many benefits, the chief of which is helping them navigate through the ever-changing mortgage market
A loan consultant should be used because of the product availability that they have. They can be your one stop shop for all of your home financing needs. They work with many, and sometimes dozens, of different banks and lenders to find the program that is right for you.
A mortgage broker, also called a loan consultant, can generally assist with all credit types, all income types and all available loan programs types. Having one person or team of people taking care of and familiarising themselves with all of your financial needs and your specific situation is much more beneficial than utilising someone to buy your home, then someone else to refinance your home and then someone new to obtain a home equity line of credit.
A mortgage broker should be your trusted advisor, an excellent source of information and a link to finding other qualified and trustworthy referral partners such as realtors, homeowners insurance agents, home improvement contractors.
Loan consultants offer benefits such as the best home loans which fit your lifestyle and profile. This can only be handled by independent mortgage brokers.
Using mortgage brokers is important as mortgage lending is not like it was twenty or even ten years ago. Lenders have split up into niches. Will the bank that you apply at cater to your niche? Maybe or maybe not. Wouldn’t it be better to apply with a full service mortgage broker who can find the bank or lender that has the best program and rates for your situation?
Using mortgage brokers means that you will have many more options than bankers provide in most cases. Mortgage brokers have access to all types of best home loans giving brokers more options, while bankers have to do business based on their specific bank rules.
Using mortgage brokers gives you flexibility in regards to how you can have your mortgage structured.
A mortgage broker is no different than a banker in the terms of providing a service, however the difference is what service they can be provided. To go into your local bank and apply for a loan will generally cause you to miss out on some value added programs that are not available to you through that banks product line.
The overall time of closing is no different with a broker or a banker, and there is not an approval advantage with going with a bank, and can most times go quicker and smoother with a broker. There are many lenders out there that do not lend directly to the general public and that is where a broker can help you find those programs and terms that will benefit you most.
Accessibility is another important feature of brokers. You will usually have access to your loan officer outside the normal business hours.
Using mortgage brokers can also be a wise decision when you are worried about credit issues. Your mortgage professional will be able to review your credit report with you and provide some helpful tips to clean up issues. Banks generally do not offer this type of service and are more apt to deny your application then help to get you approved.
But the key to choosing a top quality mortgage brokers is the same as for choosing any other professional – word-of-mouth references, as well as due-diligence on the broker’s background, experience and reputation are important. Using trusted mortgage brokers allows you to tap in to a high level of expertise and experience that can help you to best achieve your goals. Independent mortgage brokers have had a significant positive impact on the lending industry.
In the volatile home-lending market, mortgage brokers can serve as safeguards, offering their clients security, safety, and peace of mind. One of the broker’s most important functions is escorting your loan application through the entire process, constantly patrolling the component transactions for possible breakdowns.
Using mortgage brokers mean that you will be able to wade through mountains of rate data and program options and research the current market conditions to find the best home loan for you.
Mortgage broker are specialists who are well versed with the banking loan process and have access to hundreds of mortgage and loan packages across many banks. Mortgage brokers help property buyers to get the best home loans and home owners to refinance home loans.
In today’s digital age, technological disruption has brought many changes. People no longer call into hotels to book hotel rooms, instead they go to a hotel-room booking site to choose the best matching hotel room.
People no longer sign-in to a specific airlines website to book tickets, people go to airlines booking sites to find the best and cheapest airline ticket.
The same is also gradually coming to dawn on people that rather than going to a specific bank directly, which may or may not give them the best home loan offer at the specific time. Home buyers and owners are going to mortgage brokers who has a purview to all the bank’s packages and can help advice clients accordingly.
Sure, you can easily walk into the bank and ask for quotes. Most of the time, your property agent would also refer to you a contact at a bank. The point is, does the property agent know which bank package is good for you? How to calculate your loan affordability and interest costs? Do the property agents have the supporting home loan reports to assist you to find the right home loan packages and layout the facts for you?
This is why you need loan consultants or mortgage brokers.
