Why you should consult a mortgage broker in Philadelphia?

1. Hiring a mortgage broker is one of the simplest parts of the home buying process, and yet 39% of first- time home buyers have a poor understanding of what brokers do and their role in the mortgage process. Once brokers’ services are explained, the likelihood of respondents to use one jump from 36% to 59% (and even higher as understanding increases). If you don’t know about the role that mortgage brokers play in the process of getting a mortgage, you could be leaving thousands of dollars on the table. Here are seven reasons why you should use a mortgage broker –even if you’ve never heard of them before. 1.Lower cost The most obvious reason that people choose to obtain a mortgage through a mortgage broker in Philadelphia is that brokers have access to multiple rates and lenders. Because of this, mortgage brokers have access to rates that may not always be advertised widely, and can be significantly lower than those advertised by banks or credit unions. 2.Personalization A mortgage broker in Philadelphia is able to better tailor a mortgage product to your specific needs, whether that be working with a lender who is more flexible when it comes to self-employed income or one who has more flexible prepayment terms. Because mortgage brokers have access to more lenders, they’re better able to find a lender and a mortgage based on your specific needs and financial situation in order to get you the lowest mortgage rates today. 3.Expertise Philadelphia mortgage companies have met many different clients in varying financial situations. When thinking about how your life may change over the life of your mortgage term, they’ll be able to provide you with options and scenarios that had never crossed your mind and account for them, potentially saving you thousands in the process over the life of your mortgage.