Your offer on a property has been accepted. Maybe you’re planning to finish the basement but need to refinance. Or you may want to find a better rate and terms for your mortgage renewal, or you may be renewing your mortgage. What’s next? Getting the right type of financing for your situation is the only thing standing in your way of a more flexible life.
Back in the day, you would go to your local bank and ask for a mortgage. A mortgage would be accepted without hesitation if it was offered to you. But that was then, and this is now. The bank branch you visit as your first stop shouldn’t be the only place you stop.
It’s possible to miss out on thousands in interest savings by failing to shop around and consider your options. Most banks these days are not generous when it comes to approving mortgages for most types of mortgages.
This is exactly why you consider working with a professional mortgage broker in Portland:
Would it be a good idea to hire a mortgage broker?
Yes, you should at least seek the advice of a mortgage broker. They provide you with peace of mind. No matter where you end up, you’ll have done your due diligence and you’ll know you’re getting a good deal on your mortgage.
Similarly, you may be able to get a lower interest rate with your current lender if you shop around. A broker can also look at various terms that suit your needs-perhaps you want to prepay, or maybe you need a more flexible payment schedule.
Would you go into a courtroom and represent yourself? Moreover, you wouldn’t let the defense lawyer also represent you, would you? That’s what you’re doing by not using a mortgage broker and blindly trusting one single bank for your loan.
It is important to work with a mortgage broker in Portland to find the best mortgage option for you. The lenders they recommend are unbiased and can provide you with unbiased options based on your financial situation.
The benefits of using a mortgage broker
There are a number of reasons why you might consider using a mortgage broker. Here are five reasons to use one.
- Save time and money: A mortgage broker in Portland can help you save both time and money. Your mortgage broker should do all of the legwork instead of you applying directly to the lenders and potentially lowering your credit score. This saves you time and money. The lower rate offered by your broker could mean thousands of dollars in savings over the life of the loan.
- Low-interest rates: Some mortgage brokers may work with a lot of lenders, giving them volume bonuses that they can pass along to you. You need a broker who is unbiased when negotiating. You will be able to get a better rate through them than if you went directly to the lender. Lower rates mean lower payments!
- Better choice and impartial advice: Mortgage brokers typically work with many Portland mortgage lenders. Referrals from clients are their lifeblood. Therefore, a good broker should provide you with unbiased advice in order to ensure your satisfaction. A lender should be chosen because they’re most suitable for you, not because of the finder’s fee.
- No cost (most of the time): Mortgage brokers are paid by lenders directly, so in most cases, there is no fee to the consumer. If you work with a private lender or a lender who refuses to pay broker fees, you might have to pay an extra fee; a broker will tell you in advance of these costs.
- Protect your credit score: Applying to dozens of lenders yourself not only takes time but also lowers your credit score. Each time you apply to a lender, your credit is checked. Your credit score can be lowered if you conduct too many credit checks in a short period of time. The only time your credit score is pulled by a broker is once, which protects your credit score.
The use of a mortgage broker makes sense, as you can see. When you need a mortgage, call PierPoint Mortgage to find out the best options available in Portland for you. Portland mortgage lenders will help you to get the best services with your home loan.