When you’re thinking about buying a home or refinancing finding the right mortgage broker can make a huge difference. When there are so many different options, it’s important to select a professional who can walk you through your financial goals and obtain the best loan terms for you. Well, this is where MyFastBroker Mortgage Brokers step in. They’re the bridge, helping you freely and effortlessly glide in between the loaner and the borrower as you carry out the home financing process.
This blog will present what mortgage brokers do, why MyFastBroker is different from other brokers, and what you can benefit by using a broker. Whether you’re a first time home buyer or an experienced investor who is hunting for a deal you’ll find some helpful tips and advice to get you on the road to making the right decisions.
What Are Mortgage Brokers?
Mortgage brokers are those who are in between home loan providers and borrowers. Basically, they can help you secure a mortgage by fixing through your finances, comparing loan offers from many lenders and bargaining for the most favourable deal in your own favour. By saving you time and effort, a mortgage broker approaches banks andinvestors, rather than you having to do it individually.
This very service is a specialty of MyFastBroker mortgage brokers, They know the mortgage market inside out, they have doors to numerous lending institutions and can tailor a solution to suit your needs. If you work with MyFastBroker, you’re not a number, they’ll take the time to assess your individual situation and put you on the right path to a mortgage that suits you.
What Mortgage Brokers Do and Why I Chose MyFastBroker
A mortgage broker is the guy in the middle who meets you and potential lenders. They look to see how much you can afford, then negotiate deals for you. Although I would need to visit various banks to execute, MyFastBroker relieved my plate from the stress of visiting different banks and such streamline the process.
My Case Study: Why I Chose MyFastBroker
A few months back I was willing to purchase a house and I had the bank that I work for directly so that I can know what they are willing to provide. The interest rate they offered was high, but the loan terms couldn’t be customized to match my need. Until I found MyFastBroker I felt really stuck.
MyFastBroker knew what they were selling, they spent the time to listen and understand my needs. First, they looked at my income, my savings, and my long term financial goals. They gave me a few deals within just a few days from different investors that all had better terms than they could offer me at the bank. In fact, one of the lender’s rates was actually lower by 0.5%, which equated to a very large amount of money saved off of my loan over the length of my loan. But that’s the power of working with a broker like MyFastBroker who can do your negotiating for you.
The Benefits of Using MyFastBroker Mortgage Brokers
One of the smartest financial decisions I’ve ever made was using MyFastBroker. I’m going to take you through why it worked so well for me, and if it could do the same for you.
1. Access to More Loan Options
MyFastBroker gave me access to a number of investors, whereas I had only looked at what my bank could offer. That gave me more options and the ability to better search for the perfect mortgage. Not even something I would have found on my own, the competitive rate I ended up with wasn’t something I would have found myself.
2. Personalized Advice
MyFastBroker sat down with me, reviewed my financial details and then they wanted to know about my longer term plans. Absolutely, they were sure that I knew all about my mortgage options. Having this piece of advice helped me save myself from coming with some very expensive mistakes that I could have had such as picking a loan with hidden fees.
3. Better Rates and Lower Fees
During my first meetings with lenders, MyFastBroker got terms much better than I could find on my own. For example, they point me to a 0.5% lower interest rate which was $12,000 plus over the life of my 30 year loan. But they also helped to reduce some closing fees, closing a few hundred dollars back into my pocket on signing.
4. Streamlined Process
I didn’t have to take 20 minutes or more in order to find an email address for a different lender and press the send button, then try to fix the 100 other things that might be wrong in the resulting paperwork. And that’s where MyFastBroker came in and they took care of the whole thing for me, so that I could focus on finding the perfect house and not have to deal with the loan.
Steps I Took to Make the Most of MyFastBroker’s Services
The mortgage process was a little easier because you use MyFastBroker, but I spent some time doing my homework to make sure everything went right. Here are the key steps I followed to get the best results:
1. Organized My Financial Documents
Before meeting with MyFastBroker, I gathered all the necessary paperwork: bank statements, pay stubs, tax returns and recent credit report. The preparation went a long way to speed up this process. And in fact, having these documents ready took about a week off the total approval time.
2. Communicated My Financial Goals
I was clear from the start: The thing I wanted was the lowest possible monthly payment, while at the same time I didn’t want any surprises, no fees. Through conversing upfront MyFastBroker was able to pinpoint the best mortgage options created just for me.
3. Asked Questions Along the Way
I’m no mortgage expert, that’s for sure, and I could have asked more questions. While MyFastBroker was patient throughout the process, it explained every aspect of the loan: interest rate options, how loan terms would change my future finances. That was a good feeling because I knew I wasn’t making the wrong one.
4. Carefully Reviewed the Loan Terms
With MyFastBroker doing so much of the hard work, I still spent time looking over the loan terms myself. I also checked for any hidden fees, any penalties for early payment, and any conditions I didn’t like. I liked that MyFastBroker made everything transparent.
Common Mistakes to Avoid When Using a Mortgage Broker
MyFastBroker made this process easy for me, but there are a few common pitfalls that could issue people who choose a mortgage broker. Here’s what I avoided:
1. Not Asking About Broker Fees
If the investors paid MyFastBroker, as happened with me, I had no extra fees to worry about. I did ask for these upfront, to I wouldn’t be in for a surprise later. Be sure to go always confirm with your broker on this.
2. Ignoring My Credit Score
I even looked into my credit score before I started the mortgage process. Fortunately, it had been in good shape, but if it hadn’t, MyFastBroker had been able to tell me how to make improvements that would help me secure a better loan terms. You can’t ignore this important step.
3. Focusing Only on the Interest Rate
It’s all too easy to fall into the trap of going after the lowest rate of interest but along with that, I calculatesd in other things such as loan fees, flexibility of loan and repayment schedule. With MyFastBroker, it gave me a chance to weigh all aspects of these before my final decision.
4. Rushing the Decision
MyFastBroker helped me slow down and evaluate all my options at first, which I initially felt pressure to constrict time on, because I was then inspired finalize my mortgage. As a result, that speed end result in me involved a better loan than I not rudely would have had I rushed the procedure.
Conclusion
Working with MyFastBroker mortgage brokers was one of the smartest things I did when I guided out to buy a home. They made it simple and less stressful for me when they took the complex mortgage process and made it simple and less stressful for me as they helped me find the right loan, saving me time and money. If you are looking for a mortgage and you’re looking to buy your first home or refinance, I cannot recommend enough that you try out MyFastBroker.
Not only did I leave with a mortgage in pocket that fits my budget, but also I walked away feeling empowered to make better financial decisions in the future. So take your time to evaluate your options and I’m sure MyFastBroker can help you just like they were able to help me.
FAQs
1. What kind of rates can I expect with MyFastBroker?
Based on my experience, MyFastBroker secured me a rate 0.5% lower than what I was offered by my bank, translating to substantial savings over the life of my loan.
2. Does MyFastBroker charge any fees?
For me, MyFastBroker’s services were free since they were compensated by the lender. However, it’s always a good idea to ask about any fees upfront.
3. Can MyFastBroker help if I have a lower credit score?
Yes, MyFastBroker works with various lenders, including those that specialize in helping people with less-than-perfect credit.
4. How long does the process take?
In my case, the process took just under a month from start to finish, but this can vary depending on your financial situation and the complexity of the loan.
5. Should I use a mortgage broker or go directly to a lender?
Using a broker like MyFastBroker gives you access to more loan options and better-negotiated terms, something you may not get by going directly to a lender. For me, it was a no-brainer.
