Should You Get A Mortgage Broker
7 months ago John Abercrombe Comments Off on Should You Get A Mortgage Broker
A mortgage broker is responsible for assessing your situation as well as your creditworthiness. This will help him develop an objective picture of your chances of qualifying for a home loan. His assessment also typically covers your income levels and ability to shoulder mortgage repayments.
Aside from assessing your situation, a mortgage broker will take your info and work to find a loan that meets your needs as closely as possible. Most brokers have access to databases of info on available lenders, enabling them to match their clients’ needs to the best lenders quickly and efficiently.
Just as importantly, mortgage brokers will provide valuable advice throughout the entire application process, which helps ensure that you make the right decisions.
And anyone who has recently tried to get a mortgage directly from their bank or building society branch may have found themselves faced with a wait of weeks for an appointment. This is because the new rules also mean that all mortgage sales now need to be advised, so lenders’ staff will have to be qualified and will not be allowed to sell home loans without assessing customers.
There are pros and cons to both, and sometimes you will have little choice between the two if you have poor credit or a tricky loan scenario.
The majority of homeowners turn to banks when it comes time to get a mortgage. They are the most obvious choice, mainly because home loan services are usually offered at the customer’s primary banking institution.
However, borrowers who have trouble qualifying or need to finance tricky deals will often get turned away at banks. So for these people, using a mortgage broker is often the next best option.