Why You Should Use A Mortgage Brokerage For Your First House

Are you in the market for your first house? You likely are already saving up for a down payment and you know you'll have to finalize a mortgage with a lender before you can move forward. But before you start going from bank to bank, there's another option to consider. Here's how working with a dedicated mortgage brokerage might be the right move for you as you attempt to purchase your first house.

Save Time With a One-Stop Shop

Finding your first mortgage can be a time-consuming process when you have to do all of the legwork yourself. You might want to go shopping around to multiple banks or potential lenders to try and find the best deal. But that's a lot of paperwork and there's no guarantee you'll get approved for the rate that you want. When you go with a broker instead, you only have to fill out your initial information once and then the broker will pass that information along while trying to place you with a lender that is a good fit. A mortgage brokerage is essentially a one-stop shop that can help you get information from multiple potential lenders at once instead of doing it one at a time.

Get Access to Lenders You Otherwise Might Not Find

Some mortgage brokerages may have partnerships with lenders that don't have a local office in your area. Working with a broker may allow you to apply for a lender that is a good fit for you but otherwise not easily available in the area. This can open up your opportunities to include more potential lenders, increasing the chances of you ending up with a loan that meets your needs once all is said and done.

Get Personalized Advice for Your Specific Needs

Perhaps you are in a unique situation that might make a traditional mortgage application process with the typical bank more difficult. Maybe you are self-employed and will need extra documentation to prove your income. Perhaps you need to buy a house but your credit score is still a bit low. A mortgage broker has seen it all before and will be able to match you up with a lender that is a good fit for your current situation.

Get Help Getting Your Documentation in Order

Making a mistake or not providing the right information during the mortgage application process could cause your application to be denied or delayed. A mortgage broker knows what the requirements for each lender are and can make sure you provide all of the needed documentation when applying in order to improve your chances of approval on the first try. 

For more info, contact a local mortgage broker.