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Cracking the facts

What is a mortgage broker?

  • October 05 2020
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Cracking the facts

What is a mortgage broker?

By Dominique Nava
October 05 2020

You have found the perfect property to purchase and now you’re on the lookout for the best loan to put those keys in your hand. But shopping for a mortgage can be a tedious step in buying a house or property.

What is a mortgage broker?

What is a mortgage broker?

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  • October 05 2020
  • Share

You have found the perfect property to purchase and now you’re on the lookout for the best loan to put those keys in your hand. But shopping for a mortgage can be a tedious step in buying a house or property.

What is a mortgage broker?

Finding a great home loan doesn’t have to be hard. If you want to remove some of the legwork and headaches from the mortgage process, working with a mortgage broker might be the best option for you.

You’ve probably heard the term “mortgage broker” from your friends who have gone through the house-buying process. Your real estate agent may have also mentioned in passing that hiring one can make the entire process easier for you. But what exactly is a mortgage broker and what services do they provide? 

A mortgage broker is a licensed and regulated financial professional that can guide you through the lending process from start to finish. They serve as middlemen between you and a lender. They work on your behalf with several banks to find mortgage lenders with competitive interest rates that best fit your needs. 

Due to the wide network of lenders they work with, it’s easier for them to connect home buyers with appropriate loans. Finding the best loans package will not only save you unnecessary legwork and paperwork, but will also save you thousands of dollars. 

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A good mortgage broker will work with you to understand your needs and financial goals, properly estimate whether you can afford to borrow, give you options that will best suit your situation, and explain how each loan works and what it will cost. They will also take care of your loan application and manage the process through to settlement.

If you want to learn more about the benefits of using a mortgage broker’s services, read here

Check out nestegg to learn more about loan applications, your responsibilities and how to efficiently manage your debt.

What is a mortgage broker?
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