Best Mortgage Advisors Near Me – Everyone knows that you can go to the bank and get a home loan. If you ask a bank about a home loan, you will be directed to speak to the mortgage officer who markets the loan from the bank in question. For example, the DBS pledge letter will only recommend packages offered by DBS.
Mortgage brokers compare home loan products from different banks and help their customers get the lowest interest rates. As independent advisors, they do not work for any bank and are relatively free to recommend the best deals they can find anywhere.
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It gives greater flexibility and a wider range of options, which is a big advantage of going to a mortgage broker rather than going to a bank. Most of the time, a mortgage broker will be able to help you get the lowest mortgage rate possible.
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Mortgage brokers and loan officers who work for banks operate very differently. Understanding some of their differences can help you make a more informed decision about which approach to take.
To build their customer base, many mortgage brokers have an online presence. This also benefits potential clients who can easily verify the broker’s knowledge and track record through customer reviews and social media features. This can provide some security for the individual broker’s experience and reliability.
If you contact the bank directly, you will most likely be assigned a mortgage loan officer by chance. While the employee will have some standard of training from the bank, you will not be able to verify his/her expertise or expertise in mortgage lending.
Because mortgage lenders are employed by banks, they typically earn a base salary as well as commissions on secured transactions. The amount earned through commission depends mainly on the interest rate offered and the features of the home loan package. So a mortgage lender may have an incentive not to help you find the absolute lowest interest rate, or may not be willing to tell you about the full range of special features offered on your mortgage because better options for you would lower their commission.
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Meanwhile, mortgage brokers only profit from a fixed fee, which is based on the mortgage amount, not the rate or features. That way, they can help you find the best deal without any conflicts of interest.
Unlike banks with greater financial resources, independent mortgage lenders have a greater need to maximize revenue from all the customers they can get. Therefore, they are highly motivated to ensure that all home loan advice they provide is credible and informed.
One way they do this is by consciously trying to get to know their customers better. This then opens the door to conversations about other financial products, such as insurance or investments, which brokers can also benefit from if clients have such needs.
In contrast, loan servicers are employed solely to sell mortgage products to banks. They may be more interested in just closing the deal and moving on.
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Mortgage brokers have a more direct relationship with banks than the general public. Some mortgage brokers may even be former mortgage lenders with years of experience in the banking industry. Because of this direct relationship, brokers can often get better home loan rates than the public knows.
Sometimes mortgage brokers may even apply for a prime rate from a particular bank based on the amount of business they may have generated for the bank.
Mortgage brokers also have a thorough understanding of the market and the latest information on changes in interest rates. Since banks often rotate and offer the lowest rates to gain market share, mortgage brokers will know when those rates are offered and can recommend the best deal at any given time.
Since all banks in Singapore potentially offer over 50 different home loan packages at any given time, it would be time-consuming to contact the banks one by one to compare their options. As a result, mortgage brokers can choose the right home loan more quickly and easily.
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ROSHI Loan Marketplace enables borrowers to receive fully personalized real-time mortgage solutions, updates and strategies directly on our platform, avoiding the hassle of calling, visiting or applying to multiple banks or traditional mortgage brokers.
As previously mentioned, mortgage brokers do not represent a single bank and can recommend packages from different banks. The mortgage institutes, on the other hand, can only recommend the best packages offered by the bank they are employed by. Sure, they try to sell it as the best product on the market, but you’ll have to take it with a grain of salt and do more research yourself.
A common pain point with any loan (not just home loans) is the amount of paperwork required. Having gone through this process with many different clients, mortgage brokers are very familiar with these requirements.
A mortgage broker who is already familiar with your financial situation can act as an advisor, quickly sifting through the most important details and forms relevant to you for you to fill out. For example, salaried employees do not need to fill out any forms that self-employed borrowers do.
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Brokers can also spot common red flags early and pre-empt them, for example if you don’t meet the 60% gross debt service requirement. They can then give tips on the best solution.
For example, a lock-in feature (ie a penalty for refinancing your home loan) might not sound like a good idea, but it could also mean a lower interest rate, especially if you don’t plan to refinance for a number of years .
Refinancing your home loan means moving your home loan from one bank to another. Borrowers can choose this option if better rates are not offered elsewhere when taking out a loan.
However, refinancing costs a minimum of $2,500 in legal fees. It also risks switching to a worse package, which could end up costing you more overall.
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Some other home loan packages may include a free repricing feature, meaning you can switch to another package at the same bank at no extra cost.
Banks provide new types of functionality all the time. A mortgage broker can explain which features best suit your specific needs.
A mortgage broker can be helpful even if you took out a home loan years ago. You may feel that there may be cheaper loans on the market right now.
In these cases, a broker can help manage switching the loan to another bank, which can help lower your monthly payment. They can help you figure out the cost of refinancing, negotiate to fully offset your costs, and plan the best time to refinance. They can also help with the necessary paperwork.
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A law firm is hired for any real estate transaction. The attorney will review deeds and documents, such as the purchase agreement and the seller’s background (for example, if the seller is facing bankruptcy, which could affect the real estate transaction).
Mortgage brokers will have a network of contacts because of their first-hand experience dealing with law firms. Therefore, they can help you find a trustworthy conveyancing law firm for a reasonable fee ranging from $2,500 to over $4,000. It is important to find a reliable conveyancing law firm as any mistake on the mortgage documents can lead to financially significant delays.
The loan-to-value ratio (LTV) determines how much the bank can lend you for your home. This is a complex calculation based on many factors such as age, the term of the loan, credit history and the number of outstanding mortgages.
The mortgage broker only earns a fee when you get a new home loan from the bank. So if you already have a mortgage and want to stick with the same bank but change your package (also known as repricing), the broker will not benefit from helping you. A broker may suggest that you refinance with another bank, even if this is not the best solution for you.
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Conversely, if you want to lower your interest rate on an existing mortgage, it’s better to ask your bank for a price adjustment offer before contacting a mortgage broker to consider refinancing.
Using a mortgage broker is free! Your mortgage broker will be paid by the bank that originates the loan, so you won’t incur fees for hiring a broker.
You can also be sure that because all banks pay mortgage brokers a fixed commission, your broker is unlikely to favor any bank.
Some mortgage brokers are even able to offer you exclusive incentives simply because they don’t face the same high operating costs as banks.
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Given the many benefits of hiring a mortgage broker, the service is free
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