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If you've ever spent time hunting around for a good deal, you know it can be hard work. Perhaps that's why half of all mortgage borrowers don't shop around for a loan, according to the Consumer Finance Protection Bureau.
Despite the simplicity of taking the easy route, exploring your options can really save you in the long run. According to Freddie Mac, borrowers who shop around can potentially save $600 to $1,200 per year.
Working with a dedicated mortgage professional like Chloe McCombs, a Utah housing top producer and her team of highly trained mortgage professionals to secure a mortgage might just be the ultimate sweet spot. With an experienced mortgage advisor, you get the benefits of shopping around for the best loan without the work involved in doing it yourself.
In fact, there are many reasons why working with a dedicated loan specialist is better for your mortgage.
Personalized service
Perhaps one of the most attractive benefits of using a mortgage loan specialist is personalized service. Working closely with you to understand your unique needs, answer your questions and address your concerns, the mortgage advisor acts as your advocate throughout the process. A good loan specialist will take the time to understand your budget, income, credit and long-term goals in order to find the mortgage that's the right fit for you and your family.
While there are numerous benefits to using a mortgage expert, doing your due diligence is just as important when looking for a professional you can trust. Make sure to research the loan specialist's reputation, credentials and whether they have any disciplinary actions against them.
Expertise and experience
Mortgage advisors have in-depth industry knowledge most homebuyers lack—a factor that often translates to tangible benefits for borrowers. By understanding the intricacies of mortgage laws, regulations and products, they can provide a wealth of advice tailored to your specific financial situation. Plus, they are often privy to industry trends and can recommend the best times to buy or refinance, potentially saving you thousands of dollars over the life of your loan.
Chloe McCombs with Security National Mortgage (with a Google rating of 5.0) can help you find the best product and terms for your home loan. Her experience in the industry and working with clients is an asset to you when you might be feeling overwhelmed with the home-buying process.
A broad spectrum of loan products
Unlike individual lenders who can only offer their own products, mortgage advisors have access to a wide array of mortgage products from a variety of lenders, according to Investopedia. This range affords you the flexibility to choose a mortgage that best aligns with your financial goals. The loan specialist's role is to connect you with the lender offering the loan product that suits your needs, making it easier to find a loan that's right for you.
Negotiating power
Due to their in-depth knowledge and industry expertise, mortgage experts like McCombs might be able to negotiate better terms and rates with lenders. Thanks to their relationships within the industry, these loan specialists might be able to get preferential rates, lower closing costs or even waived fees for their borrower clients, the same Investopedia article reports.
Borrowers acting alone might not have the same level of bargaining power or know-how.
Convenience
Securing a mortgage can be a daunting task, especially for first-time homebuyers. From researching various lenders to understanding complex financial terms and completing cumbersome paperwork, finding the right loan could become a full-time job. An agent or broker can shoulder the load, freeing you from the hassle and potential pitfalls of doing it yourself.
Rebecca Lake, writing for U.S. News says, "After you choose an ideal lender, your broker will help you compile your paperwork, send it to an underwriter and order a home appraisal. Once you are cleared to close, the mortgage broker will start to prepare for closing day."
Once you've settled on a loan product, your agent can guide you through the process and ensure everything is in order for a successful application.
If you're looking for a mortgage agent you can trust, Chloe McCombs at Security National Mortgage brings industry experience and stellar service to her homebuyer clients. Her focus is providing a five-star customer experience with her competitive interest rates and a wide range of loan products. To get in contact with Chloe, visit Security National Mortgage or follow her @loansbychloe on Facebook or Instagram.
