Are you considering a third mortgage, but you’re concerned that moneylenders won’t find you eligible? Well, your doubts are reasonable, since this loan is related to the value of the same property as your previous two mortgages, which is why financial institutions are reluctant to give approval.
Considering the high risk which accompanies the credit, it’s completely normal for the interest rates to hit the ceiling. Therefore, many homeowners give up on the idea, once they calculate the amount of the monthly installment.
Nevertheless, in case you genuinely need to have such a credit approved, then you should consider using the services of 3rd mortgage broker companies, which act as your consultants as well as mediators in the process. They are equipped with the right experience to close the best deal and provide you with much lower interest rates than you’ve imagined.
These are the main benefits of using their services.
Extensive range of loans
Probably one of the greatest advantages of using the services of a mortgage broker is being offered a variety of loans from multiple lenders. The number of offers will largely depend on the broker’s experience, since the more experienced he/she is, the more offers you’ll be provided with. These loans will have different interest rates, thus enabling you to select the most favorable option.
On the other hand, not using the services of such a consultant significantly reduces your prospects of finding a beneficial offer, particularly when taking a third mortgage loan. Most lenders are skeptical when it comes to this type of credits, which indicates wasting your time going from one financial institution to another, without any success.
Work in your best interest
Unlike banks, these brokers will do everything in their power to provide you with a third loan that matches your needs. In fact, upon your initial consultation, the advisor will inquire about every aspect related to taking the credit as well as attentively analyze your financial situation.
After gathering the necessary information and analyzing your finances, the consultant is going to look for loans with a favorable interest as well as reasonable installments, which work to in best interest.
Naturally, in your type of situation, you can’t expect the broker to do wonders, since third mortgage interest rates are always higher, due to the higher level of risk. Click here to learn more about different types of interest rates. However, you’ll be able to get at least a few offers, which perhaps you wouldn’t have got on your own.
No wasted time
Filling out credit application forms is undoubtedly a time-consuming process, which you’re supposed to repeat in the office of every moneylender. However, when turning to a broker, you’re only expected to fill out a single application, as the advisor is going to provide you with offers from various moneylenders.
Imagine the time that you would save on visiting all the moneylenders in your local area and then making a comparison between the proposed credits. Your consultant will go through that trouble without requesting any help from your side. Actually, your sole task would be attentively listening to the loans’ comparison, in terms of interest rates and the number of installments and decide on the best option.
Lower-cost alternative
Taking a third mortgage directly from a bank institution or another form of a moneylender is likely to result in higher interest rates than using the services of a broker. Although most homeowners believe that working with such a consultant turns out to be more expensive, it actually isn’t.
In addition, these advisors have access to the lowest interest rates on the market, normally in collaboration with the actual moneylenders. Therefore, a moneylender would never offer a low rate to you as a client, but it would do so to a broker. Also, his/her commission is most commonly paid by the moneylender, which means that you’re freed from any financial obligation regarding the advisor.
No tedious paperwork
Since you’ve already taken a first and second mortgage loan, you’re familiar with the tedious paperwork that is involved in the process. In fact, the procedure requires so many documents, that the applicant is more than likely to forget some of them, thus delaying the process even further.
Fortunately, when working with a consultant, you’ll no longer have to take care of the paperwork. You’ll only be asked to provide some of the essential documents as well as the paperwork related to your previous loans. Afterward, the advisor is solely going to consult you when you’ll have to sign some papers, nothing more.
Provide expert and personalized service
One of the greatest things about this type of brokers is providing financial advice, in terms of selecting the best option. These professionals are armed with the necessary knowledge and experience, which is indispensable for comparing all the potential options. You’ll get a genuine piece of advice on which credit works in your best interest. Consultants would never trick you into accepting a deal, with goes in their favor, not yours.
Moreover, a reliable consultant will be accompanying you in every step of the procedure, by explaining the required documentation and dissimilarities between the given offers. You should feel free to contact him/her whenever you feel necessary in order to get a professional opinion on a certain aspect.
Therefore, prior to hiring such a professional, it’s crucial to be absolutely sure in its qualifications and record of experience. Consequently, the most effective way of finding a good candidate is through references from people you trust. The tips on the following link: https://www.wikihow.com/Choose-a-Mortgage-Broker, are certainly going to help you choose the best consultant in your local area.
Wrap up
In case you’re worried about not having another residential credit approved by the bank, make sure you hire the services of mortgage broker companies.
These consultants would work in your best interest, save your time, money and provide you with expert service.
Hire them in order to facilitate the procedure and have guaranteed success!