Guide to Finding a Great Mortgage Agent in Cambridge
Any person that is thinking about buying a home in Cambridge needs to find a great mortgage agent in Cambridge. In theory, you could head down to your local bank and apply for a mortgage. But the terms will not be in your favour. Here are a couple reasons why.
- Overhead. Your local bank has overhead that they need to cover, which includes heat, rent and paying their employees. All of these costs are factored into the mortgage which you end up paying.
- Low Volume of Mortgages. Local banks offer a host of financial services, mortgages just being one of them. The bank is more interested in selling products that generate higher returns i.e. investments, and mortgages do not generate a huge amount of income. Since the local branch is only able to originate a limited number of mortgages, the bank charges higher rates to keep their profit margins high.
What Makes a Mortgage Agent in Cambridge Different
We just covered some of the reasons why a local bank will not give you the most competitive terms when trying to get a mortgage in Cambridge. Now, it is time to look at some of the distinct advantages of engaging the services of a licensed mortgage professional.
- Customer First Approach. While the local bank is trying to sell their “one size fits all mortgages”, the mortgage agent in Cambridge is working for you. This customer first approach means the mortgage agent is going to do everything in their power to get you the best possible mortgage.
- No Upfront Costs. The mortgage broker is paid by the lender you take a mortgage from. Since the broker is working for you, they have an incentive to make sure you get the best deal.
- Lower Cost Mortgages. Mortgage lenders are constantly looking for opportunities which is what a mortgage agent in Cambridge represents. To attract these mortgage brokers, lenders offer wholesale rates which are substantially lower than what a local bank can offer.
Now that you can appreciate the benefits of having a qualified mortgage agent in Cambridge, your next step is to give them a call or schedule a meeting in person. Visit our Contact page now for more information.