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5 Things a Mortgage Broker Brings to the Table |
Buying or refinancing a home is among the bigger steps
you can
take in life, and your home is likely the biggest purchase
you'll
ever make. One client told me, "Getting married? Easy
decision. Buying a house? Now, that was difficult."
You have to consider price, location, school quality,
size, how much work it needs, age, and the list goes
on. Once you have actually found the right house and
the sellers have accepted your offer, you likely will
heave a sigh of relief. But wait, now comes the even
scarier part - borrowing a huge sum of money that will
take decades to pay off.
I am often asked why a home buyer cannot just go
straight to a lender when buying or refinancing. Why
involve a mortgage broker at
all? My answer is always the same: Partnering with a
trusted, knowledgeable professional as you secure a
mortgage can help you get the best loan for your
unique situation and it can help you navigate a
confusing,
challenging process.
Here are five things that a mortgage broker can bring
to the table when you are buying or refinancing.
- Your broker has access to many lenders and
can
look around.
Yes, you can call your local bank
and ask
to borrow $500,000, but when you're looking at
numbers that high, tiny tenths of a percentage make a
big difference. You want to work with a bank that will
give you a good rate, offer low closing costs, and
customize its loan to your situation. A good mortgage
broker knows the different lenders and can direct you
to the best one for you.
- Your mortgage broker works for you.
Unlike the
bank, the mortgage broker is independent, not
beholden to any specific institution. Individual
home buyers are the mortgage banker's only
clients. They have more flexibility in the programs they
can present to you, and they will show up at your
closing to make sure things go well.
- By shopping around, you can find a broker that
best suits your needs.
If you are someone who wants
to run the numbers yourself and just need someone
to get you access to the right lender, find a mortgage
broker who is quick and direct. If, on the other hand,
you want someone to hold your hand throughout the
process and explain everything in detail, look for a
mortgage broker who will treat you with kid
gloves. A good mortgage broker works hard to
develop longstanding relationships with clients, while
lenders are much more transaction based. They do
the loan and then move on.
- Your broker can offer personal advice.
Since a
mortgage broker works with so many kinds of
borrowers and in many different situations, he or she
can give you helpful advice on what your best loan will
be and how to pay it. Mortgage brokers are full-service
professionals who can look at every detail in your
finances, from car payments to employee bonuses,
and see how it will relate to your
mortgage. They also will take the time to ask the right
questions and to answer your questions. And they can
help to ease the anxiety that is common when buying
or refinancing - especially in turbulent times like
these.
- Your friends and family can probably
recommend
a good one.
Like any other major professional in your
life (doctor, lawyer, teacher), you listen carefully to the
advice from family and friends. Why should choosing
your mortgage broker be any different? Ask around to
be sure to find one you can trust and will work well
with you.
Once you take care of all the mortgage details, you
can go back to agonizing over bathroom tile color,
which was where you wanted to be, after all. Wasn't
it?
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March's Home Value Improver |
Get Your Home Ready for Spring
If you're like me, you're really anxious to get outdoors
after a winter of being cooped up inside. You're ready
to put the snow shovels in the back of the garage, see
leaves on the trees, and enjoy your yard again. Before
you run out to the garden center and start buying
flowers, do some important preparation.
(Oh, and if you're not interested in yard work for its
therapeutic benefits, remember that it can increase
your property value by 15%. I don't know many people
who are not interested in that!)
Clean, clean, clean.
The wind has blown, the snow has fallen, and the
frost has done a number on your plantings. Now is the
time to clean the yard up. Pick up the sticks and any
other debris that have fallen into the yard. Get rid of all
those cruddy brown leaves - and be sure to rake the
ones that are up against the house, fence, and shed.
Rake the lawn.
Now is the time to get rid of thatch. It may sound
technical, but raking the thatch is an easy task and
fundamental to the health of your lawn. Thatch is a
layer of grass roots, clippings, and debris that is just
under the grass and difficult to see. Removing the
thatch requires raking the lawn, with a little more
oomph and a stiff-tined rake. There are even thatching
attachments for lawn mowers if you want to go the
automatic route.
Fertilize.
If you're feeling like spring is the time for growth you're
right. It's a good time to fertilize, but show some
restraint. Too much fertilizer in the spring can be
harmful. Determining when the optimal fertilizing time
is depends on several factors. There are lots of lawn
care websites that you can find with a quick Internet
search that will explain these in detail.
Kill the weeds.
Get rid of those pesky dandelions as quickly as
possible with dandelion killer or by digging out the
weeds at the root. There are several herbicides you
can use.
Get your lawn mower ready.
Don't wait until the grass is up to your ankles before
you roll the lawn mower out of the shed for the first
time of the season. Try starting your lawn mower. If it
starts right up, it is probably OK. However, you should
tune up your lawn mower each spring. A hardware
store may be able to do it, or you could do it yourself.
Now that ready for your beautiful spring lawn,
remember that mowing it in the evening puts less
stress on your lawn than mowing it in the heat of the
sun.
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So I've just endured a surprise audit - I suppose that
every audit is a surprise - by the State of
Massachusetts Division of Banks. I'm more grateful
than ever for the team of financial professionals I have
on my side. Everything went smoothly thanks to their
knowledge, advice and assistance.
I often preach in this newsletter about the importance
of having a trusted professional on your side when
making important financial decisions. This issue
focuses on how a mortgage broker can be a valuable
asset when you are buying or
refinancing your home. There are a lot of situations
where the "do it yourself" route works well, but your
managing your financial life, personally or
professionally, isn't one of them.
I'm always happy to take your calls and emails
regarding home buying or refinancing.
Best regards,
Debbie Siegel
President
Westchester Mortgage
P.S. You're receiving this E-Newsletter because you have a prior relationship with me or with Westchester Mortgage. If I've sent this to you in error, or if you want to remove yourself from the list at any time, just click the "SafeUnsubscribe" link at the bottom of this e-mail.
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Click here for some great information
on home buying and refinancing!
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