Here’s Why You Need a Mortgage Professional

Taking out a mortgage to buy a house is often the biggest loan you will ever take out. It can be an overwhelming and daunting moment to sign all the paperwork required to buy a home. What if you missed something? Did you really get the best rate? Was there a different option that would have worked better?

Working with a mortgage professional when purchasing a home is essential to help get you to the point where you feel confident signing your mortgage documents and getting into your new home. But in case you aren’t sure if it’s really necessary, here are three things mortgage professionals help you do:

1. Find the best rates.

With the internet, a lot has changed regarding access to potential mortgage rates and qualifications. Of course, this can be really helpful when researching what a new home would cost and whether or not you can afford it. But when it comes to actually locking your home loan rate in, mortgage professionals are able to shop around and access options that still aren’t really available any other way.

Not only do mortgage professionals have the digital tools, but they have years of experience and know how to customize options for your particular circumstance. You may be able to get preapproved without the help of a mortgage professional, but most likely you are not be getting the best rates.

2. Find the best mortgage options.

There are a number of different possibilities when it comes to financing your home. You can get a fixed rate or variable rate mortgage. It can be anywhere from a 10 year mortgage to the more common 30 year mortgage. The amount of down payment you have available can affect the options you have. Your credit score and total financial position matters.

Mortgage professionals can take in all of those factors and give you feedback on the best one for your overall success. You don’t want to be in a position where you are paying too much on a down payment or monthly mortgage just because you didn’t know better options were out there.

3. Facilitate the whole process.

Getting pre-approved and locking in the right mortgage at the right rate is just the beginning. The entire process requires coordinating payments with the bank or credit union, setting up escrow, making sure underwriting has everything it needs, and then working with the lending and title companies for the actual transfer of payment and title.

That means if you’re not working with a mortgage professional, you will have to do all that on top of packing up your house, coordinating the move, and responding to anything else that comes up. There is a good chance you will miss something that will push back the entire process.

Buying a home is a big commitment. Get the right people to help you through it. Trying to navigate the mortgage process without a professional is like jumping in a plane and trying to fly it before you’ve had your first lesson.

At Kelly Community, we would love to work with you to get the right people in place for your home purchase. You can start the home buying process with us today.