Finding the right mortgage for your particular needs, especially when going through a divorce, can be stressful. You may wonder, “Am I getting the best rate considering my circumstances? Should I apply to more than one lender? Are these settlement fees reasonable? What if I don’t get approved?” These are very real concerns. Enlisting the help of a mortgage broker who specializes in divorce may be the best answer for you.
What is a mortgage broker?
Mortgage brokers are licensed financial professionals who match customers seeking a mortgage or a refinancing to lenders. They help you compile your paperwork, ask you the right questions to determine your real needs, and do the research and legwork to find the best mortgage lenders for you. Then, with your oversight and permission, your broker will submit the application to the best lender for your specific circumstances (considering your income, monthly expenses, credit score, etc.).
What are the benefits of using a mortgage broker?
Besides the convenience of having a mortgage broker do most of the work for you, you’ll have the peace of mind knowing that you’re working with an expert who fully understands the process and has access to many different lenders and mortgage products. In a divorce situation, you definitely want to go with a broker who is an expert in the specific challenges of divorce settlements and the specific issues associated with getting a mortgage or doing a refinance as a result of divorce.
Jeffrey A. Landers, a Certified Divorce Financial Analyst (CDFA™) and Licensed Real Estate and Mortgage Broker founded Next Act Properties, Inc. to provide real estate solutions to divorcing couples. We can refer you to a divorce mortgage expert in your area through our nationwide network of mortgage brokers who specialize in divorce. And if you are divorcing in Florida, we can help you directly with a refinancing or purchase mortgage for a property in Florida through our mortgage brokerage sister company, Next Act Mortgages, LLC (NMLS #2123503).
Additional benefits of a mortgage broker:
- A mortgage broker significantly speeds up the process of finding a mortgage
- Your mortgage broker can walk you through collecting all the right documents, especially those additional documents required as a result of your divorce
- The broker has a network of strong business connections and the skills and experience to negotiate a great rate and possibly decreased costs and fees
- Your broker has the resources to quickly and effectively research the best mortgage rates, closing costs, fees, and conditions
- Your broker has access to many different lenders and mortgage products and can help you decide which lender and which mortgage product would be the best for you considering your circumstances
- The lender usually pays the broker so the service costs you nothing
Are there any negatives to using a mortgage broker?
Since the lender usually pays the mortgage broker, be sure to choose someone very reputable. Your broker only gets paid when you close and complete the mortgage financing. So, he or she may apply some undesired pressure on you to go through with a loan that you may not be ready to commit to. And since different lenders offer brokers different commission rates, you may find that a less reputable broker might push you more in the direction of the lender who pays better.
At Next Act, we focus on what’s best for you and stick by your side until you have the mortgage you need. We’ll find you the best loan opportunities, present them to you and educate you on the options, then allow you to decide what’s best for you.
Contact us from anywhere in the country to see how we can help you find the best mortgage/refinancing for your new post-divorce life.