With mortgage rates going up steadily over the last few years, many homeowners are feeling some pressure from their upcoming mortgage renewals.
We asked Andre Deleo, President/Principal Broker at Morgix about how a mortgage broker can help.
5 Ways a Mortgage Broker Can Help
If your mortgage is up for renewal at some point in the next year, now is a good time to start talking with a broker to learn about your options. According to Andre, mortgage brokers can help in a number of ways, including:
Compare a Range of Offers
Brokers have access to many different banks, lenders, and investors and can help you to find the best mortgage to suit your needs.
“Brokers are able to work with multiple banks and lenders whereas specific banks are only trying to sell their own products,” explains Andre.
Protect Your Credit
Did you know that each time a potential lender checks your credit score, they leave a mark on your credit report?
“We can pull your credit report one time and use it for a number of applications. If you go from bank to bank shopping around for a good mortgage, each bank will pull your credit report which can have a negative impact on your credit score,” says Andre.
Education and Information
Mortgage brokers offer a wide range of services, which include helping their customers with long-term planning.
“We empower our clients with knowledge and information,” explains Andre.
“For example, with rates continuing to rise we will be able to break down the cost benefits of different things, such as a fixed rate vs. variable rate mortgage or a short-term mortgage of 1,2, or 3 years as opposed to locking in for a longer term.”
“With our team, advice is always free. We only get paid once a transaction closes and in most cases banks and lenders will pay brokerages for bringing them business which makes the service to the consumer essentially free. With this current financial climate, it is more important than ever to get as much financial education as possible.”
Since mortgage brokers like Andre’s team at Morgix offer a wide range of services, they are also able to look at their client’s overall debt, including their mortgage, and come up with a comprehensive financial plan.
“Brokerages will look at the best way to tie in and consolidate other debts, so the overall household expenses come down. This is obviously very important considering the rate of inflation,” Andre says.
In the end, it is a good idea to speak with a mortgage broker to learn more about your options. Working with a broker that is not tied to one specific bank or lender can help to reduce some of your mortgage stress and may also be the best way for you to secure a good mortgage product that suits you and your family’s unique needs.
Andre and his team at Morgix offer homeowners a number of financial services including mortgage refinancing, debt consolidation, home equity loans, and bad credit loans.