The Value of a Mortgage Broke
If you are thinking about getting yourself and your family a new home, then chances are you have dealt with a mortgage broker. If you have yet to deal with this type of worker, then chances are you will soon have to deal with a mortgage broker. Therefore, it is really important for the average citizen to understand what a mortgage is and what type of role this worker has in their lives!
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Therefore, this type of worker will basically represent you and your interests when it comes to getting a big time loan. Seeing as how a mortgage is definitely considered a big time loan, it is easy to understand how and why their role is so important.
Mortgage planning is incredibly stressful and it is definitely not easy to come up with a great mortgage plan. this is why so many homeowners have decided to just hire someone who can help them out and get the best mortgage rate! If you have considered getting help, there is definitely no shame there. Keep in mind that a recent survey has revealed that 59% of homeowners wish they understood the terms and details of their mortgage better.
FHA mortgage loans are supposed to be favorable and helpful for homeowners but that is not always the case. As a result, it will seriously help you to have someone that is on your side and that can help you out. That way, you will not have to worry about getting a loan that is unfavorable or unaffordable. Keep in mind as well that you are not alone as 31% of all millennials looking to buy a home plan to do so within 2 years.
In March 2016, the average sale price for a home in the United States was $186,000. Now, it is important to remember that this is the average. Therefore, there will be some options out there that are much lower than this price and options that are much higher. It is imperative you stay within your means so that way the mortgage broker does not get you a bad loan rate!
The Freddie Mac 2015 Q4 Refinance Report showed that the median age of a refinanced loan was 6.4 years. Keep in mind that 2% of people looking to buy new homes are first time home buyers. First time home buyers will have the hardest time getting a nice loan or mortgage situation. Due to the fact that they are first time buyers, their credit may not be as strong as an experienced loan applicant.
According to a 2015 National Association of Realtors report, there was only a median of 14 miles between the homes that recent buyers purchased and the homes that they moved from. While this type of data is relatively minor to some, for others it is a huge deal when buying a home. However, this is something that deals specifically more with a realtor’s work and less with the work of a mortgage broker!
According to the 2017 NAR Home Buyer and Seller Generational Trends report, 98% of buyers 36 years and younger financed their homes, whereas 68% of those aged 62 to 70 financed. In 2016, 14% of buyers financed 100% of their entire purchase with a mortgage. Therefore, their lives are a lot easier when it comes to their payments as they have all the time in the world to pay off the mortgage.
According to the 2017 NAR Home Buyer and Seller Generational Trends report, 92% of all buyers used a fixed rate mortgage in 2016. According to the 2017 NAR Home Buyer and Seller Generational Trends report, 24% of buyers reported using an FHA loan. Make sure you have plenty of knowledge in the world of mortgages when you get ready to apply for a loan for a home!
In Conclusion
Do not waste your time if you do not know anything about mortgages, mortgage lenders, and more. Instead, hire yourself a reliable and hardworking mortgage broker that can help take care of you and your situation.