3 Feb
An increasing number of homebuyers are turning to mortgage brokers over banking institutions to secure them the best possible mortgage. Mortgage brokers, also called mortgage advisers, act as mediators between the homebuyer and the lender. They have insider knowledge of the mortgage industry, as well as access to a large number of lenders in order to secure you the best possible rates.
Mortgage brokers are able to shop around on your behalf, streamlining the process of securing a mortgage. A bank, on the other hand, can only offer you their own products. Using their many established relationships, mortgage brokers access exclusive deals and are able to negotiate the lowest possible rate. They can accommodate those with particular circumstances, such as those with poor credit history, due to their many connections in the industry. They also complete all documentation on your behalf, which is an additional benefit over securing a mortgage via a bank.
Purchasing a house is one of the biggest investments and commitments you will make in your entire lifetime. It is important to find the best possible mortgage broker—the wrong one could cost you thousands of dollars. Here are some tips that will help you find the best mortgage broker.
Do Your Research First: Evaluate Your Broker
Finding the best mortgage broker will take some research, but it is in your best interest to invest time into researching your options. First of all, inquire about their experience (ideally at least several years) and credentials of the broker in consideration. Has the mortgage broker taken any additional licensing courses to enhance their knowledge? Have they been able to move up in their industry because they are good at what they do?
Read reviews by people who have worked with them in the past. Do they come highly recommended? Ideally, the broker should have a large number of positive reviews. This information should be easy to find online, so use this tool to your advantage.
Next, spend some time researching what kind of rates are available to you. Looking at a rate comparison website, for example, will give you an idea of how good of a deal the mortgage broker is offering you. Never enter into a financial situation blindly.
Meet Them in Person
If you have a few potential brokers in mind, meet them in person. This will give you an idea of what their future service will be like, as well as provide you with the opportunity to ask additional questions. Are they up to date with the mortgage industry? A good broker will be very informative, providing you with in-depth knowledge. Are they able to answer questions you have for them confidently?
As far as their services go, are they helpful, prompt and able to respond to you quickly? Do they communicate things clearly? Securing a mortgage can be complicated, so you will want someone who can easily explain things to you—this is especially important for first-time homebuyers. Are they professional and organized? Are they patient and attentive to your concerns? These are all features of the best mortgage brokers in the industry.
Ask Your Broker Important Questions
Who are their lenders? Do your own research to figure out who these institutions are. Ensure that their lenders are accredited and reputable. Does the broker work with a large range of lenders? If they work with a smaller number of lenders (or even if they don’t), ask why they work with those particular people.
Ask Yourself, Is Your Broker Attuned to Your Needs?
It is very important to take the time to communicate your financial situation and needs clearly and as soon as possible. When meeting your broker, provide them with information regarding your salary and what you are looking for in a mortgage. This will ensure that you are getting exactly what you want.
When your broker recommends products, is he or she explaining why it’s good for you? If so, this is a sign of a good broker. A good broker is very customer-oriented and will take the time to ensure that they not only accommodate your personal needs but also know what would be best for you given your particular circumstances.
Get Them to Sell Themselves
One of the easiest ways to evaluate brokers is to get them to sell themselves—after all, you are the one shopping for a mortgage broker. What can they offer you as a mortgage broker that others cannot? Is their sales pitch convincing?
If you are looking to buy a home, Mortgages, Mortgages has a range of mortgage options. Contact us today for more information.