Should You Get A Broker When Purchase a Home?
For most Filipinos, getting the best deals is like winning the Olympics. It is part of our culture to get the things we need at the cheapest price possible price without sacrificing quality, this philosophy is much more apparent to our wants actually. One of the greatest “Olympic” dealings that a Pinoy would usually encounter is home buying. Why? Because buying a home itself is stressful, costs a lot of money and it’s not like you buy houses every day.
So just like in any “Olympic” games you will need the training like getting all the information and mentoring that you will need to overcome that contest that you will be joining. And for this event, your coach is a mortgage broker. The mortgage broker’s job is to act as a middleman of the home buyer and the lenders. And just like other coaches, they need compensation; most of these coaches don’t do it for free you know, the reason being that these coaches isn’t hired typically in home buying transactions. But here are reasons why hire brokers when getting that dream house.
#1 Brokers are hired professionals
Before getting the title of Real Estate Broker they go through an examination to make themselves legitimate. Now in this exam, the would-be brokers are tested on their technical abilities from accounting, economics, appraisal and legal knowledge. Prior to the exam, they should be subject matter experts by getting a mandatory 120 hour real estate courses as prescribed by the Professional Regulatory Commission of the Philippines.
#2 Brokers are well connected
They do this for a living so they are always one step ahead in getting the best deal for you out there. Remember that these guys know the tricks of the trade and can help you save time (if pressed for time) and the frustration too.
#3 Brokers are basically your friendly kasambahay
A mortgage broker will take care everything for you from the negotiation with the banks to getting the best rates to securing your home. Plus, financially sound advice you have to take in getting the house that you need, the best part about this is that they get paid only after the loan is approved or closes. So they would act the best of your interest.
#4 Brokers are always available at your convenience
No more queuing on the line in the banks to get the loans or just even inquire on them. No more calling of banks and get directed to a phone banker asking you a lot of information, mind you this process takes a minimum of two hours on an average and that’s just one bank. Worst part is they are only available at a certain time of the day. So you if you are someone who is always busy, hire these guys!
Although hiring a broker can cause you money, remember that you are putting your cash in someone that can help you save a lot of money in the future; a proof is our info graphic in home buying in the Philippines. So, don’t think about the cost now, think of it in totality.
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