Mortgage Broker in Durham

5 Advantages of Working with a Mortgage Broker in Durham

If you are looking for a mortgage in Durham, you’ve got two main options. You can go to your bank and hope they will give you a good deal, or you can see a mortgage broker in Durham and feel confident that you are getting the best deal that is available to you.

There are many advantages to working with a Durham mortgage broker and in this article, we are going to review some of the main ones.

1. You can get a lower interest rate – although banks usually offer competitive interest rates, they are limited to offering their own products and if you are going straight to them, they have very little incentive to offer you their best rate. Mortgage brokers however work with dozens of lenders and they will shop around to get you the most competitive interest rate.
2. Easier to qualify – Banks and other financial institutions such as credit unions have very strict standards when it comes to lending. This means that it may be difficult for you to qualify for a mortgage with these lenders if you have poor credit, are self-employed, or have recently moved to the country. But because mortgage brokers in Durham work with many different types of lenders, they can usually find you a lender who specializes in your unique circumstance.
3. Mortgage brokers offer expert advice – Do you know the difference between a fixed rate mortgage and a variable rate? Or more importantly, do you know which of these types of mortgages would be the best fit for you? What about amortization periods? Is there an advantage to choosing a longer or a shorter one? When you work with a mortgage broker in Durham, they can answer these and other questions for you to help ensure you get exactly the right product for you.
4. Mortgage brokers are not just for when you are buying a home! A lot of people only think about going to a mortgage broker when they want to purchase a home, but mortgage brokers can help you with other things too such as accessing cash from your home equity to pay off debts or to fund a renovation project. And you should never renew your mortgage without consulting with your mortgage broker first!
5. Working with a mortgage broker is free to you Mortgage brokers are paid directly by the lenders that they work with. It does not cost you anything to meet with them and get expert advice!

If you would like to experience all the advantages of working with a mortgage broker in Durham, contact us today!