Why Do You Need A Mortgage Broker Even If You Have A Real Estate Agent?
If you're buying a home, there's a good chance you're working with a real estate agent. Real estate agents can help you find a perfect house for your needs without breaking your budget, but they're not the only part of your homebuying team that matters. Even if you're using a real estate agent for your purchase, there's a good chance you can still benefit from hiring a mortgage broker.
Unfortunately, many people may not understand the role that mortgage brokers play or why they're a necessary part of the buying process. Whether or not you're planning on working with a real estate agent for your purchase, here are three reasons why you should also consider hiring a mortgage broker to help you get the home you want at a price you can afford.
1. Mortgage Brokers Come Into Play Earlier
Many people start their homebuying adventure by browsing through listings or trying to set a budget on their own. This process can be imprecise and difficult if you're going it alone. You may use simple rules of thumb or online calculators to determine your likely price range based on your down payment or intended monthly payment, but there's no guarantee you'll receive a mortgage on these terms.
A mortgage broker helps you set a realistic budget, making them a critical part of the process before you even start working with a real estate agent. By coming into the process with a reasonable budget, your agent can help you find homes you can afford and reduce the likelihood of wasting time on properties outside your price range.
2. Your Broker Will Work With Your Agent
While it's possible for your broker and your real estate agent never to contact each other, it's more common for them to work together as part of a team to help you purchase your home. Your broker can explain your financial situation to your agent, helping them to understand your budget and the financing you'll be able to secure.
Remember that financing a home is about more than just receiving approval for a loan. Certain circumstances may mean that your time to close will take longer, or the overall process will be more complicated. Your broker can explain these situations to your agent, allowing them to consider these factors when selecting the best homes for you to view.
3. You Can Focus On the Homebuying Process
Will a mortgage broker give you a better chance of approval for your loan? It depends. A mortgage broker can work with more lenders, increasing your odds of approval when compared to applying to a single lender. While you can do this legwork yourself, that requires substantial effort, forcing you to spend more time dealing with finances and less time looking for your dream home.
Just as your real estate agent can minimize the tedious aspects of finding and viewing homes, a mortgage broker will minimize the tedious parts of securing financing. This extra help allows you to put your energy into finding a home you can love and afford.
Reach out to a mortgage broker near you to learn more.
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