As a small business owner, there will come a time when you will need to apply for a mortgage for your company. Whether you are applying for your first business loan, or contacting the bank about your fifth expansion project, the process and experience can be unnerving. You can try and handle the paperwork and applications yourself, or you can use the services of a professional mortgage broker to handle the deal.
The benefits of using a professional mortgage broker include:
- Reduced stress and frustration. There are dozens of lenders from which to choose, so why not let an expert handle the application process for you? These days the forms and other data that are required for a loan application can be quite complicated, so it is wise to hand the entire process over to a professional.
- Fewer complications. A seasoned mortgage professional will have years of experience, and that will help him or her navigate the tricky loan application waters that lie ahead. Let a broker’s know-how work to your benefit.
- The best deal possible. Although you may be tempted to apply for the mortgage on your own, by hiring a professional you are assured of getting the best interest rate, the best payment plan, the best deal in general.
Now that you know the benefits of using a mortgage broker, just how do you find one that is right for your small business? Keep these tips in mind:
- Contact the Chamber of Commerce. It is always a good idea to check with local associations and organizations for any type of business referral. Your local Chamber of Commerce will have a listing for just about every type of business professional, including mortgage brokers.
- Ask business associates for referrals. Everyone knows someone who just went through the mortgage application process, so ask around and find a reliable broker who has a good reputation in the community.
- When you find a mortgage broker you feel good about, investigate them thoroughly. These days it’s too easy for scam artists and crooks to pass themselves off as financial experts. Check references carefully. A good mortgage broker will be on your side from the very first meeting until the day the loan goes through. He or she will carefully record all of your financial information and then advise you on the best way to proceed. Your broker will also provide you with a list of lenders that can offer you the best bang for your buck, so listen carefully to this advice.