Have you ever heard the phrase, “Don’t just trust your GPS, consult your map too”? Buying a home is quite similar; you’ll need more than just a cursory idea of the process. You’ll need expert guidance, a map to the maze. And who better to provide that guidance than a mortgage broker? Joe Flanagan, Business Development Manager with the Irish Mortgage Corporation, shares his insights on the role of a mortgage broker in making your dream home a reality.
The role of a mortgage broker is like the modern-day map for homebuyers. They have a detailed view of the entire landscape, and their role goes beyond mere money matters. A mortgage broker, such as those employed by the Irish Mortgage Corporation, guides you through the journey, helping you secure the best mortgage deal, but their work doesn’t stop there.
According to Joe Flanagan, “A mortgage broker is a facilitator, a guide, and an advocate. We stand by our clients’ side from the moment they envision a home to the time they hold the keys in their hands. Our role is about supporting, advising, and ensuring that the entire process is as seamless and stress-free as possible.”
So, what exactly does the role of a mortgage broker entail? Primarily, they evaluate your financial situation to determine how much you can afford. Joe mentions, “We analyse your income, debts, and future financial goals. We then use that information to calculate how much you can realistically borrow.”
But the assistance doesn’t end there. A mortgage broker can advise you on the best mortgage type for your situation, whether it be a fixed or variable rate mortgage, or even a hybrid of the two. They’ll break down the jargon, explain what APR means, and how repayments can change over time. It’s their job to make sure you understand exactly what you’re signing up for, and that you’re comfortable with the commitment.
Next, a mortgage broker navigates through the mortgage market on your behalf. “We have a broad view of the mortgage landscape,” says Joe. “We deal with lenders daily, so we know which ones offer the best rates, have flexible terms, or are more open to first-time buyers, for example. We take your individual circumstances and match you to the right lender. It’s about finding a solution that fits like a glove.”
One major challenge that a mortgage broker helps to tackle is the mortgage application process. It can be lengthy & confusing. Your mortgage broker guides you through the process of gathering all the necessary documents and submitting them promptly. At Irish Mortgage Corporation, we use an online application portal with interactive messaging and zoom call activity to discuss applications at a time suitable to our client’s needs. We also handle any follow-ups or negotiations required with the lenders.
Perhaps the most important role of a mortgage broker is to be a constant pillar of support. “We are there for you, ready to answer your questions and alleviate your concerns. Our job is not done until you’re happily settled in your new home.”
Lastly, a mortgage broker provides invaluable advice about protecting your home and mortgage. They inform you about the importance of home insurance, life insurance and income protection, ensuring that you’re well-equipped to handle any future uncertainties. In many cases, the broker gets paid a commission by the lender so you will not incur any fee for their services.
So, is a mortgage broker necessary? Can you navigate the mortgage landscape on your own? Well, you could, but at what cost? Without a mortgage broker, you might find yourself in a mortgage that is not the best fit, or you may end up overpaying due to a lack of market knowledge. Worse still, you might find the process so daunting that you give up on your dream home altogether.
Having a mortgage broker on your side can make all the difference. “Our aim at the Irish Mortgage Corporation is to make the process of securing a mortgage easier and more efficient for our clients,” says Joe. “We make sure the mortgage works for them, not the other way around.”
To wrap it up, a mortgage broker is your financial guide, navigator, negotiator, and advocate. Their expertise and dedication to your home buying journey can make the difference between a chaotic process and a smooth journey to your dream home. So, don’t just rely on your GPS, consult your map – a mortgage broker – for a successful home-buying journey.
For more information, please contact us.
