Getting a loan isn’t like shopping for everyday necessities where it’s all about getting the cheapest price. Which is why we highly recommend for you to work with a mortgage broker. Not only will they lead you on the important things you need to be aware of in buying a property, but they will be of massive help to save your money and time.
If you just started getting interested in getting a loan, you might come across the word multiple times already. A mortgage broker is a specialist who can help ease your loan application process. A mortgage broker is an intermediary between the borrower and lender. Their main role is to help borrowers get the best mortgage and loan deals in a quick and easy manner.
In what ways can a mortgage broker help you save time and money?
#1 Skip through the hassle
Applying for a loan is terribly time-consuming. Each bank has different requirements and documentation you need to do research on and prepare them yourself. By using a mortgage broker, your process will be shortened a whole lot since they can help you handle the paperwork while you sit back and relax.
Besides, they can narrow down the choice for you. With all the info they have, they can get you a lender that won’t waste your time.
#2 Free service
Because mortgage brokers work for the borrower, many assume they need to pay a broker for their service. Mortgage brokers are not linked to any banks or lenders and are only commissioned by them. Thus, they earn their money by referring you to the financial institutions and don’t require you to make any payment.
#3 Assured loan approval for non-residential property
Securing a bank loan for non-residential properties like studios and shophouses takes time. This is because getting approved for one is nearly impossible. Banks usually only have mortgage options for the usual residential properties. Working with a mortgage broker, on the other hand, can allow you to open your options to such unique properties since they often have connections with lenders that are open to such applications.
#4 Getting a mortgage loan despite a poor credit score
Securing a bank loan can be tough and time-consuming if your credit history is bad. With a mortgage broker, they can help you overcome this problem right away by looking for lenders that are more flexible in approving those with a poor credit score.
#5 Possibility of better rates
Negotiating for better rates to a lender yourself can be difficult especially if you have applied to various banks already. Banks will often assume the high possibilities that you will renounce. Being an individual who deals with banks and lenders on a daily basis, it puts them in a better position to do the negotiation for you.
#6 Flexible arrangement
Not only does a mortgage broker work independently, but they also acknowledge their clients’ busy schedule during the weekdays. If you don’t have time for a meet-up during the weekdays, they will happily entertain you during the weekends.
#7 Avoid possible pitfalls
With not much knowledge on mortgage and loans, you can easily be persuaded by offers which you might not even need. Since the mortgage broker has your best interest at heart, they will help you navigate through the lenders’ fees, terms and conditions to make sure you’re not paying more than you should.
#11 Post-loan service
A successful disbursement of a home loan doesn’t need to be the end of your relationship with them. Since there are possibilities that you need refinancing advice in the coming years, it will be convenient if you keep in touch with them considering the fact that they already have your records and will try their best to help you as a potential loyal client.
#12 Provide free loan analysis and tools
To help you in making an informed decision, some mortgage brokers will offer home loan reports for free. These reports could include Property Buyer Report which aids in analysing property buyers’ income and financial status, helps them decide and make the purchase faster and Refinance Savings Analysis which looks at the refinance savings analysis.
Working with a mortgage broker can help you save a good deal of money and time. Since they are not attached to a particular bank or lender, they will do their best to prioritize your best interest. Furthermore, a mortgage broker can make your loan application process a whole lot easier since they have experience managing mortgage and loan applications a lot.
If you don’t know where to find one, you can ask friends and family for referrals. Or, try asking your real estate agent since real estate companies usually have their own mortgage brokers as a part of their in-house service.
Most importantly, make sure you are dealing with a licensed mortgage broker. For safety measures, you can always check with the professional licensing authority to ensure your broker is a legitimate one or read reviews on them online.
If you are looking for a lender that won’t take much of your time and take your poor credit score into much consideration, Fortune Credit is the best choice among moneylenders in Singapore in which they provide efficient money lending services so that you are able to meet your financial needs.