Should you hire a mortgage broker?

by Cove Real Estate 08/20/2023

Should you hire a mortgage broker featured image

Embarking on the homebuying journey takes much effort and research, as the market is constantly changing and purchasing a home is a huge financial commitment. This is why it pays to have real estate professionals such as an experienced mortgage broker on your side to aid you during the process. 

What is a mortgage broker?

A mortgage broker acts as a bridge for potential loan borrowers to compare different lenders to make an informed decision on where to find the best loan option for their home purchase. 

Using a mortgage broker helps borrowers compare interest rates, loan terms, benefits and more, saving homebuyers the time they would have spent comparing quotes on their own time. 

How do mortgage brokers get paid?

Mortgage brokers work to secure quality borrowers for financial institutions and are paid a percentage of the loan amount directly from the borrower or the lending company. 

The fixed percentage mortgage brokers are paid can’t be changed due to increased interest rates or the type of loan acquired. 

What is the benefit of a mortgage broker?

In addition to saving homebuyers time on searching for financing, mortgage brokers can also provide access to numerous lenders with the best deals available. A mortgage broker can also work directly with your lender to reduce or even waive mortgage fees once the loan is approved.

The homebuying journey is full of steps, paperwork and negotiations. Having a mortgage broker by your side can ease some of the burdens often associated with home financing, and can even save you money along the way.