When it comes to getting approved for a mortgage, the process can be really scary. That’s where a mortgage broker comes in. They are there to make the process as smooth and stress-free as possible, and can prove invaluable as you try to secure the funds for your home. How, though, do you ensure that you have chosen the best provider of advice on mortgages? Here is everything you need to know.
What Does a Mortgage Broker Do?
If you haven’t considered using a broker before, it’s essential to know what they do and how that could benefit you. A broker acts as an intermediary between you and the mortgage lenders. Their job is to get to know you and gain an understanding of your situation, and then go away to research the market and come back to you with mortgage options that suit your needs.
By far the most popular and useful type of mortgage broker is a whole-of-market broker. As their name suggests, these brokers can recommend mortgages from across the entire market, so you can get a sense of how different lenders compare to each other. Their wide-ranging access means that you may also get to see some hidden gems!
Ask About Fees
Mortgage brokers may charge fees, and it is important to know what you can expect to pay before you sign up for their services. You should ask if they charge a flat fee or a percentage, and if they receive commission from lenders. It’s also a good idea to see what happens in the event of the broker not being able to find a suitable mortgage for you. Some waive their fees in these cases, and going ahead with a broker that does this can give you additional peace of mind.
What Do They Specialise In?
Not all brokers have experience with every type of mortgage. Those with more complex finances, such as those who are self-employed or have bad credit, will want to find a broker that specialises in finding mortgages for those kinds of applicants. So, ask potential brokers about their experience in situations similar to yours. A broker who regularly works with clients in your circumstances will know how to best present your application and will know which lenders are most suitable.
Look at Their Connections
Aside from mortgage advice, is your broker able to point you in the direction of other professionals who could help you? A great broker will have strong relationships with solicitors and estate agents in your local area, and will be able to recommend those to you. This really saves you a lot of time and effort, and you will feel confident knowing that they come highly recommended by an experienced, trustworthy team.
Your Next Steps
Choosing the right mortgage broker can make a world of difference. So why not get in touch with a broker in your area and get to know them a little better?
