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Everybody deserves to enjoy the home buying experience, but many people don’t look forward to applying for mortgages for understandable reasons. This is unsurprising when you realize that what you’re visualizing when you’re shopping for a home is a nice outlook for your future. You’ll be thinking: this is where I’ll raise my family, this room is where I’ll do my work, and so on.
On the other hand, when you’re shopping for a mortgage, there’s no escaping the fact that you’re looking for a responsibility you’ll be paying off for years and decades to come. Many people don’t even bother to look for the best deals to get the mortgage application process over within as short a time as possible. And for this reason, customers often end up paying more than they really should. The process can be so overwhelming for borrowers that they never get to see the bigger picture and accept the first deal.
To lessen the stress and inconvenience mortgage applications can bring, today, we’re going to share with you the benefits of hiring a home lending advisor. This is not a hack! In fact, many borrowers have already enjoyed the services of these professionals. If you haven’t heard of them, we’re so glad you’ve stumbled on our article today!
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Loan Officers vs. Mortgage Brokers
There are two types of professionals you will encounter when you apply for a loan.
The first one is called a loan officer. They are employees of particular banks and companies who can discuss with you the specific menu of their company’s products and services. There’s usually only one answer you can get from your loan officer. Your application can either get rejected or approved.
The second professional you might encounter is a mortgage broker. Unlike loan officers, they don’t always work for specific companies. Instead, they work freelance and connect customers to lenders after careful review of their financial history and existing debt.
However, whether they are loan officers or mortgage brokers, these finance professionals need to get licensed after passing the Nationwide Mortgage Licensing System (NMLS) exam. You can get some security knowing that they are responsible for the business bring to their employer and customer.
Between the two, though, we recommend approaching a mortgage broker for help with your loan.
A mortgage broker can:
Help you with the legwork
Instead of tiring yourself with all of the paperwork, a mortgage broker can step in and do these tasks for you. They might even do a better job! After all, they get paid to handle hundreds of paperwork every month. This will give you more time to focus on the other things you have to do as you change the address.
Give you relevant information.
Mortgages can be very complex, especially for first-time homebuyers. There are several rates and fees and fine print to understand that the little details can get over your head. Don’t let the process overwhelm you. You can avail the services of a mortgage broker who’ll be able to walk you through the procedure and talk to you about the important points. They’ll know more about mortgage deals you can avail whatever your credit score.
Advocate for you at a particular lending company
You’ll also be able to take advantage of your mortgage broker’s existing relationships with the companies they have worked with. Their inside connections can give you a better range of options to choose from, and their negotiating skills can help you land the mortgage you need.
What is a home lending advisor?
Now that we’ve talked about loan officers and mortgage brokers, let’s talk about one professional that falls somewhere in between.
A Home Lending Advisor (HLA) is an expert who will help you get pre-qualified for a mortgage and find a loan that’s right for you. They’ll look at your financial picture, make recommendations and get you through the loan application process, all the way to closing.
Mortgage brokers are sometimes called mortgage advisors. Financial advisors might sell you insurance and other forms of investments. Similarly, mortgage advisors connect you to the mortgage company that can give the best offer.
The Chase Home Lending Advisor
Chase Bank is one of the four biggest banks in the country. With this employer, mortgage brokers are called home lending advisors.
While Chase also has loan officers, they prefer to keep home lending advisors for their customers. These are experts in refinance loans and home equity lines of credit, and when you approach a Chase home lending advisor, you can help get pre-qualified for Chase’s range of mortgage products and deals.
You might be thinking, “Hang on, how is that different from a plain old loan officer?”
A Chase home lending advisor will not merely let you know if you are ineligible to open a credit line. Instead, they’ll help you explore your options by looking at your salary, savings account, and credit score. They can also help advocate for you to get an equal opportunity to get the loan you need. Since mortgage brokers earn by the commission, you can rest easy knowing you have someone on your team.
Today, Chase has thousands of home lending advisors all over the country. You can even choose one according to your location. You can check out this link if you want to look up the available advisors in your area.
Choose the best deal.
When it comes to home loans, it’s important to know the best possible offer you can get. A mortgage is a necessary debt that you’ll have to be comfortable with for a very long period. If you feel that you don’t have enough time to think about your options and search for what’s out there, an advisor might be what you need.
We hope we have somehow assisted you in this wonderful journey! Safe travels, and keep your eyes on the prize!