When clients apply for a mortgage one of the key questions to ask is why do I need a Mortgage broker?
Mortgage brokers and banks both provide solutions to mortgage finance however, many people choose to work with a mortgage broker as they can offer significant advantages – for example:
1. Whole of market rather than tied to one lender
A mortgage broker has access to a wide range of mortgage products from different lenders which means that you get a lender that is relevant to your circumstances rather than limited to what the bank has available.
2. They save you the stress!
Applying for a mortgage whether you are a first time buyer or experienced can be very stressful. A good mortgage broker will help alleviate the pressure by being available to answer any questions that you have throughout the process as well as working with the underwriters to help get the application approved as quickly as possible.
3. Expertise and Experience
A good mortgage broker will be able to guide you through all the options available to you when you apply and use their experience to help understand the market and criteria of respective lenders which means that you have a good experience when applying for a mortgage.
4. They can sometimes find better rates:
Mortgage brokers have access to rates that are not available through normal channels with some lenders which can save you money relative to the normal deals offered by banks.
Conclusion
In conclusion, personally the most important point is that a good mortgage broker will treat you as an individual when it comes to service rather than just a number which can be a issue with major banks. This is not to be underestimated especially in todays world as you want a broker to be absolutely committed to making sure that you get the outcome you need, be it first time buyer, remortgage, buy to let or home mover.
