Many households experience hard times due to the high cost-of-living crisis and they could use some extra support. Considering the current economic situation, people are dealing with great financial uncertainty, they have lots of debts to clear, yet they lack financial stability.
But as a homeowner planning to buy a new home, a mortgage broker can save you some money rather than plunging yourself into more debt.
How a broker can help you with debt
The cost of living crisis is making many homeowners enter into debts like mortgages, personal loans, credit cards, etc. However, when an experienced broker steps in, there are things they can do to reduce your debt.
Your broker can help you consolidate all your debts into one instead of you paying them off individually. Your broker will design a structure so that the new payment will be cheaper and manageable so you can save money while paying off debt. As a homeowner, the best way to achieve this is by releasing the equity held within your property to clear all your outstanding debts. You can do this by:
- Remortgaging your existing home loan
- Use an equity release scheme (if you’re aged 55 and over)
- Take out a secured loan (also known as a second-charge mortgage)
Your mortgage broker will help you consider the best option that’s right for your situation. They will also find the best lenders with the best deals to help you save more on your monthly repayments.
How they can help you cut costs
There are times when you need to reevaluate your regular monthly payments and determine the ones that are important or could be reduced. Payments that need to be reevaluated include:
- Insurance policies
- Mobile phones
- Media subscriptions (Sky, Netflix, etc.)
These payments listed above can all be reevaluated so the amount you pay every month is reduced to a reasonable amount. In reevaluating, your broker can help you find a better option for you. For mortgages, they’ll find a better lender with better offers and repayment plans. And for insurance, they find a better provider with better packages. Also, a broker will help you find better ways to reduce rates and avoid unnecessary fees all of which contribute to helping you through the cost of living crisis.
If you’re deeply affected by the cost of living crisis and you wish to downsize, a mortgage broker will help you find a new mortgage for your next property purchase. They’ll help you through the application process and negotiate the most suitable terms.
Buying a home is even harder considering the present economic situation, so you don’t want to worry about not getting the best deal with your mortgage broker. You need to work with a northern broker capable of helping you save more money.
Finding a reliable mortgage broker depends on how much you want to save. At HomeRate Mortgage, we partner with the best mortgage lenders in Chattanooga to give you the best mortgage experience. We believe in helping our customers or clients achieve the goal they’ve set out to achieve by helping them save more despite the cost of living crisis.
Contact us today to learn more about our services!