Buying a new home can be confusing at best. From mortgage negotiations to home inspections, it’s a complicated mess of paperwork that’s difficult to navigate and even harder to understand. That’s where mortgage consultants come in.
A mortgage consultant or broker is essentially an intermediary between you and the mortgage provider. They help you find the best mortgage and earn their money through commissions offered by lenders. cimb refinance housing loan
Here’s what to expect from a mortgage consultant when commissioning their services:
• They’ll help you determine your budget. Before you even step foot in a bank or lending institution, a mortgage consultant will do a full and private assessment of your credit.
• Provide you with references to qualified realtors. Most mortgage brokers have close connections within the realty community, and they are happy to introduce you to qualified and well-recommended realtors in your area.
• By clearly explaining the different types of mortgages and repayment structures, a mortgage broker can walk you through the mortgage selection process to help you find the most financially viable mortgage loan for you and your family.
• Potentially negotiate a better interest rate. A mortgage broker is often in a better strategic place to effectively negotiate a lower interest rate for you.
• Refer home inspectors and attorneys. A mortgage broker can help you with all those tiny legal details associated with finalizing a mortgage, including obtaining an appraisal and securing an attorney.
• Handling closing details and negotiating lower closing costs. A good mortgage broker will be there with you right to the day of closing and signing. They’ll explain your mortgage contract to you in full and may be able to negotiate lower closing costs associated with your mortgage. mortgage refinance malaysia
Tips on Dealing with a Professional Mortgage Consultant:
• Don’t be afraid to ask them what their commission will be on a particular mortgage option.
• Don’t be afraid to seek outside advice. Whether it’s consulting a lawyer, accountant or even another bank, you should never be hesitant about reevaluating your mortgage consultant’s recommendations with an outside party.