Why Use a Loan Broker
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Using a loan broker can save time and money when searching for the best loan options for your small business or investment needs.
Investment and small business brokers work hard for YOU, not the banks. They have access to a wide variety of loan options and can help you find the best one for your specific needs and qualifications. They also have the knowledge and experience to help you navigate the loan application process, negotiate with lenders, and ensure that you get the best terms and rates possible.
Loan Brokers work hard for YOU
Brokers seek out the best lender to suit your specific situation, whether it’s with a Chartered Bank, Trust or Insurance Company, or Private Funds. Choosing the wrong mortgage can cost you thousands of extra dollars. Loan Brokers are trained professionals who can help you save on your loan dollar.
There is a wide assortment of options and features available to homebuyers today. Shopping around takes a lot of time and effort. The mortgage process within today's very competitive marketplace intimidates many American homebuyers. It pays to work with a mortgage professional who will represent you and ensure the mortgage you get is the one best suited to your needs.
10 Reasons to use a Loan Broker
- Access to a wide variety of loan options: Brokers have access to many different lenders and loan products, which increases your chances of finding the right loan for your business or investment.
- Time-saving: Brokers can save you time by doing the legwork of searching for and comparing loan options.
- Tailored solutions: Brokers can provide tailored solutions to meet your specific needs and qualifications.
- Credit counseling: Brokers can provide credit counseling and help you improve your credit score to increase your chances of getting approved for a loan.
- Cost-effective: Using a broker can save you money in the long run by finding the best loan options with the lowest interest rates and fees.
- Knowledge and experience: Brokers have the knowledge and experience to guide you through the loan application process and help you navigate the various requirements and qualifications.
- Better terms and rates: Brokers can often negotiate better terms and rates for their clients than what would be available to the general public.
- Expert advice: Brokers can provide expert advice on how to improve your chances of getting approved for a loan and how to best use the loan proceeds.
- Streamline the process: Brokers can streamline the process by handling all the paperwork and communicating with the lender on your behalf.
- Personalized service: Brokers can provide personalized service, working closely with you to understand your unique needs and goals and providing support throughout the loan process.
Other than rates, why should I use a Loan Broker?
In addition to rates, because mortgage-based financing is the broker's primary business, he or she has developed expertise in what type of mortgage financing each lender prefers to pursue. This kind of knowledge not only results in the most favourable rates for each project, but often whether a project is funded at all.
How do Loan Brokers Find Superior Rates?
Interest rates are a concern to borrowers. Because of their daily contact with lenders, brokers know which project or home attracts a favorable interest rate from one institution, but a higher rate at another. Some institutions, in fact, will only accept mortgage submissions from Loan Brokers.
These rates, and preferences for types of mortgages, can change daily, depending on economic circumstances or based on the size of an institution's portfolio in a particular type of mortgage. Your Loan Broker keeps current and knows which lender to approach first. As a result, mortgage rates obtained by Brokers are among the best available at the time of placement.
Why should I go to a Loan Broker first?
A professional presentation to a lender on the first application will get the best response and save you valuable time and money. Secondary applications with previous credit bureau inquiries may be more costly.
Often the success of obtaining mortgage approval depends on the way a proposal is presented and to whom it is sent. Your Loan Broker is trained to present your mortgage proposal where and how it will get the most immediate, positive result.
You don't call an insurance company for insurance - you use an insurance broker, because of their expertise, product knowledge and rates. So remember, call your Loan Broker first!
How do Loan Brokers get better deals than many Banks?
The lenders who work with Loan Brokers include traditional sources, such as chartered banks, trust companies, as well as corporate and private pension funds.
In addition to these sources, brokers often develop professional relationships with private sources of funds, termed private lenders. These lenders can provide many various mortgage products not available at conventional sources.
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