You should use a mortgage broker Seattle, but of course, we will say so, so let’s explore the main advantages of using a mortgage broker against applying directly to a bank.
Advice on Multiple Options
Quite simply, a bank only advises you on the range of its products. This represents only a small part of the options available to you in the market. On the other hand, a mortgage broker who has agencies with all the lenders in the brokerage market will advise you on a variety of options. This will greatly increase the chances of arranging a mortgage that is most suitable for your needs and unique circumstances.
Getting a mortgage can be a difficult process. Early stages usually include phone calls, emails, and meetings. By collecting and presenting a substantial amount of documentation to be followed up, queried, and explained. For many lenders repeating this process is an option, but it will involve a large amount of time and effort.
Instead, discuss your needs with a broker once and provide the necessary documentation once. The broker will evaluate the many options and give you a summary of the options and a recommendation as to which lender is most appropriate for your personal circumstances and needs.
Many mortgage applicants are unsure whether their applications will be approved. The issue includes: How long you have been working, recent savings records, other loans, and public account operations (overdrafts usage, missed direct debit payments, referral fees, etc.
It is not a good idea to submit a mortgage application without much hope that it will be rejected because it will not help the chances of getting approval from the same lender in the future. A good mortgage broker will begin by conducting a thorough appraisal to determine if an application meets all of the criteria and quality measures of a preferred lender.
Wide Selection of Options
At the time of writing, a mortgage lender in the market is operated exclusively by brokers, i.e. financial Ireland. With some of the lowest and best mortgage rates available in the market *, this is an option that should definitely be considered. In our opinion, new entrants into the mortgage lending market in the future may start exclusively through brokers because brokers provide a ready-made supply channel for mortgages.
Selection of Insurance Providers
This is the most important thing that most people do not consider. Mortgage approval is always a top priority when people buy a property. However, life insurance (also known as mortgage protection) and home insurance are mandatory requirements for owner-occupier mortgages. Each bank is tied to a single provider of life insurance and home insurance.
While borrowers are not obligated to arrange life insurance and home insurance through the bank, many do so because arranging everything through a single contact makes things even more straightforward. After a broker approves you to get a mortgage with the lender, they will shop with several life insurance companies.
This process is repeated for home insurance. This approach offers a wide range of options for required insurance policies. Naturally, this often leads to lower costs and/or improved policy benefits.
Anyone who has purchased a property knows that this process can quickly turn into a project that requires a lot of management. Many third parties are involved, including real estate agents, attorneys, mortgage lenders, appraisers, surveyors, life insurance companies, and home insurance providers.
Time pressure is a constant factor as we approach the deadline for key milestones. Examples include issuing documents, signing contracts, paying deposits, applying for insurance policies, and drawing up your mortgage in a timely manner to start and close the sale on the agreed date.