In life, there are some decisions we make that will go on to affect us for a very long time. For example, our career is something that will last a lifetime if we choose right and cause nightmares if wrong. Furthermore, we could also add ‘mortgage broker’ to this list because it is an essential decision.
Essentially, a mortgage broker is like a financial advisor who will assess the market for the best deal for you using their skills and experience. If you choose the right broker, they will find a great mortgage for your needs so you can move forward in life happy with your housing situation. However, many people choose poorly each and every year which is why we have compiled some tips to keep in mind.
Find a Listener
Of course, their skills and knowledge of the market are vital traits for a good mortgage broker. However, they also need to be able to listen to your needs. If they can’t do this, you won’t find the deal that best suits your circumstances. At the very beginning, they should sit down with you and discuss exactly what you need. At this early stage, there is no reason why you can’t change broker if they don’t seem to be listening.
With most mortgage brokers, they will have a fixed approach that they have been using for many years. However, they should still be able to be flexible with problems and have the creativity to come up with unique solutions. For example, they should be able to look at lenders that use automated approval systems as well as those that still use human underwriters.
Take the Pressure Away
With good mortgage brokers, they should take most of the pressure away from you. Considering many lenders take their time with applications, good mortgage brokers will try and speed the process up and have your application fast-tracked wherever possible. If you are left making the calls yourself, is there any point in having the mortgage broker in the first place?
With the internet so accessible these days, you will almost certainly find online reviews regarding potential mortgage brokers. If you pay attention to what previous customers have said, there is no reason why you can’t make the right decision. After looking online, why not ask friends and family members? If you can’t trust strangers on the internet or the broker themselves, surely you can trust the word of your family and friends?
When choosing a mortgage broker, you also need to know that they have relationships with a number of different mortgage lenders. If they only work with one lender, you are likely to get stuck with this lender and they might not meet your needs. With a variety of different lenders to hand, you have more options!
Check the Fees
Before entering an agreement with the broker, check for their fees because they can be very different. Since you are requesting their services for advice, you will bear the brunt with most brokers. However, some will take a fee from the lender. Therefore, you need to know exactly how it works before signing any contracts.
There we have it, six fantastic tips that will help you to identify a good mortgage broker. At Benson Mortgages, we tick all of these boxes because we offer flexibility, we take the pressure away, we have good online reviews, we work with numerous lenders, and we can discuss our fees in more detail. If you’re interested, we can help so give us a call today!