Mortgage lenders consider lawyers low-risk borrowers which is why lawyers enjoy special discounts and waivers on home loans. However, lenders do not publicize these offers as much and you might miss the opportunity if you don’t make your findings.
As a lawyer, you need to employ the services of a mortgage broker to help facilitate your home loan process and make finding a home loan as seamless as possible.
There are many reasons for lawyers to partner with a reliable mortgage broker. As a lawyer, you have access to various money-saving benefits on your next investment property loan or next home. Most lenders do not advertise these benefits, but a mortgage broker can help you discover them and apply them for your home loan.
Potential savings on lenders’ mortgage insurance
A mortgage lender will ask you to pay lenders mortgage insurance (LMI) if you borrow more than 80% of a property’s value. This type of insurance ensures that the lender has something to rely on in case the borrower refuses to pay back the loan. Also, the one-off premium can amount to tens of thousands of dollars.
As lawyers, mortgage lenders consider you as a borrower that always pays back their loan, unlike other borrowers that default on payment. This means that some mortgage lenders will extend saving on lenders’ mortgage insurance or forgo the costs altogether for certain legal professionals.
However, not all lenders willingly offer this benefit except you claim it. You need a professional mortgage broker which lenders that offer LMI savings to legal professionals. Not only that, mortgage brokers are willing to go through all negotiations on your behalf to help you reduce the cost of LMI. It’s a benefit that you shouldn’t miss out on at any cost.
Exclusive professional packages
Many mortgage lenders may not advertise it often, but they offer professional package loans, especially to lawyers. These packages offer several juicy inclusions many of which can be adjusted to suit your needs. Although the only way to qualify for this is through substantial rate discounts and increased borrowing power. These benefits are put together to give you the privilege to buy your desired home or investment property backed by excluding savings.
You need a mortgage broker because they have connections with various lenders and they can help you strike the best deal with the lender on your behalf. This implies that you save time chasing a home loan while benefiting from the loan that suits your needs.
Convenience
A mortgage broker understands that you have very limited time. That’s why a mortgage broker will meet you in places that are convenient for you such as your chambers, home, office, or even a nearby cafe. This allows you to focus more on your job while your mortgage broker sources the best home loan for your needs.
Conclusion
Lawyers do not have the luxury of time to go about sourcing for home loans which is why they have to work with a reliable mortgage broker. A mortgage broker who is familiar with major mortgage companies in TN.
At HomeRate Mortgage, we have a range of mortgage products to suit your needs. We will work with you to get the best mortgage loan so you can buy your desired house.
Contact us today to learn more about our services!
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