Reasons Why You Should Work with a Mortgage Broker: Insights from a Mortgage Company in Moline, Illinois

Are you planning to buy a new home in Moline, Illinois? If so, you should be prepared to deal with the various expenses that go with purchasing a home.

Some of the fees you will incur on your journey to home ownership include:

  • Down payment
  • Lender-based origination, underwriting, and application fees
  • Title-based fees
  • Survey and appraisal fees
  • State recording fees
  • Prepaid property taxes
  • Homeowners insurance and interest
  • Escrow fees

Considering the long list of fees that you can expect to pay as a homebuyer, you may be tempted to cut costs wherever possible. Unfortunately, some people make the mistake of trying to complete the home buying process without hiring a mortgage broker. Below, we’re going to discuss some of the main reasons why working with a mortgage broker in Moline, Illinois is a wise investment.

Extra Protection

All mortgage brokers in Moline, Illinois have a duty of care to you and will always recommend the best mortgage option that matches your requirements.

Consider this: If you decide to get a mortgage from one of the big banks and cannot keep up with the monthly payments, it is your fault that may result in you losing your house. However, if you hire a mortgage broker in Moline, Illinois and they recommend a mortgage that you cannot afford, they are at fault and can be sued for professional negligence.

No mortgage broker wants to be taken to court, so you can be confident that whatever they recommend will be the best option for you.

They Know Their Industry

You must meet several criteria before you can take out a mortgage — there is proof of income, proof of assets, good credit, employment verification, and more. When you weigh every one of these criteria, you will quickly realize that the mortgage application process can be very stressful and time-consuming.

Mortgage brokers in Moline, Illinois deal with mortgage applications every day. This means they can advise you on what you need, when you need it, and how long it will take. They have extensive experience dealing with all types of mortgages. They will know which lenders are likely to grant you a mortgage and how to expedite the process. They will also educate you on the various stages of buying a home and how the process works.

A mortgage broker’s specialized expertise in this field will help you make the right choice when financing your home.

They Don’t Work for Anyone Else.

One thing to keep in mind is that your mortgage broker works for you, not the bank. This helps maintain objectivity in their handling of your mortgage request.

They will not try to sell you a specific mortgage option, so you have a better chance of finding the best loan product and mortgage rate for your home purchase. They will also walk you through the loan qualification and approval process, so no unwanted surprises await you.

They are Worth the Investment.

A mortgage broker in Moline will examine your financial condition and recommend the right mortgage product for your needs, all while providing you with highly insightful advice and experience. When you consider what they can do for you, the 1-2% commission they charge can be a smart investment.

Looking for the Best Mortgage Broker in Moline, Illinois?

If you are looking for an experienced and licensed mortgage broker in Moline, Illinois, Compass Mortgage is the company to call. Contact us today at (833) 638-7836 to learn how we can help you make the right choice when purchasing a home.

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Call us at (877) 793-9362 or fill out the contact form here to send us an email.

Our main office is in Warrenville, Illinois

(30 miles/50 km west of Chicago).

For a list of other locations and licensed states,

click here.

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