Applying for the right home loan can be time-consuming and confusing. A lot of people do not know where to begin. Nevertheless, it is very important to get the right home loan for you and your particular circumstance.
Let's go through the importance of properly comparing home loans and choosing the right one for you.
The Typical Home Loan Process
First, people will likely go to their own banking account, and maybe one or two others. They pick up an application form and ask about the basic requirements.
This is a completely random way to choose a financial product that the borrower will have to pay for 15 to 20 years (or perhaps longer). Yet, there was no real in-depth decision made about which bank to use.
A home is often the biggest investment that a person makes, but people just choose a bank that the real estate person told them. It is a serious financial decision and the time to decide on a home loan product was so short compared to the time they will be paying back the amortizations.
Home Loan Eligibility
Borrowers have no way of knowing whether they meet the lending criteria of the banks. Each bank has its own set of lending policies. A person may get a home loan approval from one bank, but another bank declines. The only way to find out a borrower's eligibility is to physically complete the entire housing loan application process and see what the bank says. That's very tiring and old-fashioned.
Mortgage Broker
If you work with a mortgage broker like Nook, a borrower is able to properly compare home loans and choose the right one for them. Nook helps borrowers with their unique circumstances and matches them with the banks they are qualified.
Working with a mortgage broker is like visiting multiple banks, but they do all the home loan process for free. A mortgage broker does not charge a borrower for their services, making them the best way people get housing loans around the world.
If you're considering buying a property or need a housing loan but want to understand your financial options, contact Nook today! Our team can help you get pre-qualified in just a couple of minutes, and all our services are free for home loan borrowers. Just visit Nook.com.ph.