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13 Sep

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Many people have difficulty understanding how mortgages, refinancing, and home equity work—even if they already have a mortgage! Lenders can sometimes take advantage of this, and don’t always have the borrower’s best interest in mind. Hiring a mortgage professional is the best way to avoid the potential pitfalls associated with your mortgage.

A mortgage professional, sometimes called a mortgage broker, basically acts as the intermediary between you, the borrower, and the lender. A mortgage professional will help you find the best mortgage rates, and can guide and advise you throughout the mortgage or refinance process. Here are some reasons why it’s best to use a mortgage professional.

  1. Qualifications and Experience
    Mortgage professionals are thoroughly qualified to give you mortgage advice, which may not be the case if you are speaking directly to someone who works at the lender’s office. An experienced mortgage professional will have a deep understanding of the current market and rates, and be able to find the best possible mortgage for you and your situation. When you choose to use a mortgage professional, you are definitely choosing the best possible source for mortgage advice.
  2. Protection
    When you work with a mortgage professional, they have a responsibility to find you the best possible mortgage solution. You would be able to seek legal recompense should their advice fail. A mortgage professional is also on your side. Rather than the lender, who is usually looking out for their best interests, a mortgage professional has a duty to you, their client, to find you the best and most affordable mortgage. Because of this, you can have faith that a mortgage professional will find you the mortgage solution that is best for you.
  3. More Choice
    If you go directly to a lender, you will only be able to choose from the variety of mortgage solutions that they offer. A mortgage professional has access to the entire market, and will be able to offer impartial advice about a wide variety of lenders. This impartiality is very important and is something you cannot get if you go directly through a lender.
  4. A Holistic Approach
    A mortgage professional will not only take your mortgage into account when advising you. Often, mortgage professionals can also advise you on many different types of insurance, other debt, and expenses related to your home. When helping you apply for a mortgage, they will take into account these other factors, helping them choose a mortgage suited specifically to your situation.
  5. Special Circumstances
    There are many factors than can affect your chances of getting the mortgage you want. Things like a poor credit score, difficulty proving your income (if you’re self-employed), or other debt can be obstacles when it comes to applying for a mortgage, or refinancing. A mortgage professional can help you apply for a mortgage, and advise you if your circumstances are less than ideal for getting a mortgage. Even if you think it may be impossible, there are often some ways around these issues, depending on their severity.
  6. Valuable Advice
    There are many factors that come into play when you are applying for a mortgage. There are also a huge variety of types of mortgage, for instance, home equity mortgages, reverse mortgages, and debt consolidation mortgages, as well as a variety of lenders. All of this can make the market very difficult to navigate. A mortgage professional has the industry knowledge and experience to guide you through every aspect of your mortgage, even the more difficult ones!
  7. An Important Loan
    For most people, their home is the biggest purchase they will make in their lifetime, and their mortgage will be the biggest loan they will receive. Even though mortgage professionals do charge a fee or commission, the advice they can provide is invaluable when it comes to such a huge expense. At the end of the day, mortgage professionals are aiming to save you money and help you pay off your mortgage faster. This is definitely worth the cost, many times over!
  8. Exclusive Deals
    Often, mortgage professionals have access to exclusive deals that wouldn’t be available to you if you went directly to the lender. Depending on your situation, your mortgage professional may be able to find you a deal that will save you money, that you wouldn’t have access to otherwise.
  9. Help with Home Equity
    Some homeowners choose to access their home equity in order to finance large expenses such as renovations, education, or a big purchase like a car or another property. When you access your home equity, you are also putting it at risk, should you become unable to pay back the loan. Home equity can be tricky, and a mortgage professional can help you navigate it, and advise you whether a home equity loan is right for you.
  10. Help with Debt
    Many people fall into debt at some point in their lives. A mortgage professional may be able to help you consolidate your debt with your mortgage, which may help lower your interest rates, and ultimately help you pay off your debt faster. If you are concerned about debt, or concerned about making your mortgage payments, a mortgage professional can advise you on the best steps to take before it becomes too late.

As you can see, the advice of a good mortgage professional is invaluable when it comes to navigating an often complex market. Since your mortgage is likely to be your most significant loan, why not make sure you’re getting the best possible one!

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