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What are the benefits of using a mortgage payment calculator and mortgage broker?

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Applying for a mortgage can be daunting for some people. It is essential to understand your options thoroughly, seek the right advice, and get the best mortgage deal. Using the mortgage payment calculator can help estimate the monthly mortgage payment while hiring a mortgage broker can help get the best deal.

What is a mortgage payment calculator?

A mortgage payment calculator is a tool that helps in estimating the monthly payment due along with other financial costs associated with mortgages. It helps in better understanding how your repayments may look like when you take a mortgage. You can test various payment scenarios depending on your mortgage amount, amortization period, interest rate, payment frequency, etc. Knowing your estimated mortgage payment schedule, you can compare home-buying options much better.

How can a mortgage payment calculator help you?

A mortgage payment calculator is a handy tool if you are looking to finance a home purchase.
  • A mortgage payment calculator helps in estimating monthly mortgage payments. It shows the monthly payment structure, which is the most important step in the home buying process.
  • It not only factors in principal amount and interest but also includes additional costs like mortgage default insurance.
  • It can compare different loan types, for e.g., in a 20-year loan plan, you will have to pay less interest over the loan, but it will have higher monthly payments, whereas, in a 30-year loan plan, you will have to pay lower monthly payments.
  • It helps confine your home search as you can focus on homes that fit your budget rather than looking at properties outside your price range.

What is a mortgage broker?

A mortgage broker is one who manages the mortgage loan process by connecting lenders and borrowers. They work directly with you to find a deal that matches your requirements.

Why you should use the mortgage broker to help secure the mortgage

Hiring a mortgage broker can aid you in finding the right mortgage. There are many benefits of hiring a mortgage broker. The top 5 benefits of hiring a mortgage broker are:

  • Saves time and money

    The mortgage process involves a lot of paperwork, comparing rates, checking different products, etc., which takes time and resources. Mortgage brokers will do all these things on your behalf. They generally have a very good idea of what rate the lender is offering, what closing costs to expect, and what requirements each lender has. Understanding all this information beforehand and allowing your broker to negotiate on your behalf can save you a lot of time and money.

  • Access to more products

    Going directly to a bank or lender by yourself means you will be restricted to their products only. Mortgage brokers work with several different banks and lenders; they are not tied to any particular lender or mortgage products, which gives them access to a wide range of mortgage products. In addition, most mortgage brokers have relationships with lenders that usually don’t work with the public. So they can provide you with better products than you would on your own.

  • Speed up the mortgage process

    Mortgage brokers speed up the process of applying for a mortgage. They know what documents are needed and which forms are to be filled, saving time going back and forth with the lender. Since they usually have a strong relationship with lenders, the turnaround on your mortgage application is shorter.

  • Mortgage Fee Management

    There can be different fees involved with different mortgage types, such as appraisal, legal fees, etc for all mortgage types. If you fall short of qualifying for traditional mortgages, alternative lending will have fees such as a lender fee, sometimes brokerage fee and other fees depending on the product. Mortgage brokers regularly work with realtors, lenders, appraisers, and lawyers and may waive some of the fees or lower the costs which can save you hundreds to thousands of dollars.

  • Gets the best deal

    Last but not least, the mortgage broker will find you the best deal possible. The mortgage broker represents your interests and needs while working with lenders and acts as a knowledgeable consultant and problem solver. Having access to several mortgage products, the broker can get you the best deal in terms of interest rate and repayment amounts.

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Karen Parrot
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