There are no laws that say you have to hire a mortgage broker to obtain a home loan. However, just because you are able to apply for a mortgage on your own does not mean that you should. This is because while you may not be required to hire a mortgage broker, there are several benefits that come with choosing to hire a broker. You can learn more about three of these benefits below.

Benefit #1: Mortgage Brokers Offer You Access To More Lenders

Some lenders choose not to accept applications unless they come through a mortgage broker. This helps lenders avoid wasting time reviewing applications for individuals who are unlikely to qualify for a mortgage loan. Since brokers vet applicants before sending them to a lender, there is a much better chance that the applications lenders receive will be a good fit for the loan products they offer. What this means for you is that you will have access to more lenders and will therefore have a better chance of finding the lender that is right for your home loan needs. 

Benefit #2: Mortgage Brokers Can Help Address Unique Financial Needs

Not everyone who wants to buy a home will be able to meet the requirements associated with most traditional home loans. For example, some potential home buyers will not have a large enough down payment or may have unconventional income sources. For these individuals, finding a lender to finance the purchase of their new home can be very difficult. While there is no guarantee that a mortgage broker can find funding for everyone, these brokers are able to help address many unique financing needs. This is because mortgage brokers work with both traditional and nontraditional lenders to help as many people as possible make their dream of buying a home a reality. 

Benefit #3: Hiring A Mortgage Broker Will Not Cost You Anything

Even though mortgage brokers offer a very valuable service, choosing to take advantage of this service will not cost you a dime. This is because rather than you paying for their services, mortgage brokers are paid a commission by the lender you choose to finance your purchase of a home. This means that you really have nothing to lose and everything to gain by choosing to have a mortgage broker help you through the process of buying your next home.   

Contact a local mortgage broker today to start the process of purchasing your dream home!