Buying your first home is an exciting, but potentially scary time for many soon to be homeowners. Oftentimes, the scariest part is the financing. You want to make sure you will be able to afford your home and that your financing will be in place for closing day. That’s where a mortgage agent comes in. Working with a mortgage agent can really help – especially for your first home and here’s why. 

Your choice of mortgage

The bank you’re working with may be your preferred bank, and it may be where all your other financial dealings sit, but they only have so many options when it comes to the mortgage products they can offer you. 

A mortgage agent has access to lenders across the country and so you will have access to all the different terms and rates, and you can find the one that’s best suited for you. 

Speciality mortgages

For banks to approve mortgages, they must work within very strict guidelines. This means it may not always be that easy to get approved. Mortgage agents work with many speciality lenders and are more likely to be able to help you if you are in a situation that would make it difficult for you to get approved for a traditional mortgage. 

Working with your schedule

They don’t call them banking hours for no reason. Working directly with a bank means you’ll often be waiting longer to get approvals and they will only answer your phone calls or emails during certain times. That is fine if you have the availability to do so, but what if you work shift work and aren’t available during the day? 

Working with a mortgage agent means you have someone who will work with your schedule so you can get answers when you need them. They understand everyone has different needs, so they can work outside of standard business hours to respond to your questions.

Save money 

A mortgage agent can help get you a lower interest rate or save on fees that lenders will charge for processing a mortgage. They can help save you money in the long run, which is always a great thing. 

Protect your credit rating

When you apply for a mortgage, you will have to fill out an application for lenders to review your credit score and your credit history. If you are only dealing with one bank, and it doesn’t work out, you will need to fill out a new application when you seek out other lenders. 

Filling out multiple applications could hurt your credit rating. With a mortgage agent, you fill it out once and they will be able to send it to multiple lenders to look at if needed. 

Honest advice

Mortgage agents understand mortgages and what your needs are, so they can give you their professional opinion on what is best. This means they are not going to sell you on one product just because a certain lender is pushing them to do so. When working directly with a bank, you may feel pressured into their mortgages because they are, effectively, selling it to you and it may not be the right option for you. 

Working with a mortgage agent means you get the best advice for you and they will work with your situation to make sure you get the best term, rates and fees possible. 

Contact us today

If you are ready to start searching for your first home, we can help you get preapproved for a mortgage. Call Sure Loan For You today. 

 

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