Everything You Need to Know
So, you’re trying to find the perfect mortgage! Many buyers choose to work with a mortgage broker, but with so many resources right there at your fingertips, it is easy to wonder if you really need a broker at all. However, working with one does have plenty of benefits! Here’s what you can expect when you seek professional mortgage advice from a team that you can trust.
Finding a Deal on Your Own
Thanks to a huge range of online tools and lots of comparison websites, it is possible to research mortgages by yourself. However, it’s worth noting that searching for the right mortgage online doesn’t always give you the full picture. Comparison sites often place a huge emphasis on interest rates without revealing anything else about the mortgage, and this can leave you with some shocks further down the line.
The Benefits of Using a Mortgage Broker
While there’s no legal requirement to use a broker, many buyers find that doing so simplifies the entire process and boosts their chances of getting the best possible deal. Here are some of the biggest advantages of leaving your mortgage search to a professional:
A Wide Range of Mortgages
Mortgage brokers have access to a huge range of lenders, so you will be able to get a good sense of everything that is out there. If you contact a bank or other type of lender yourself, you’ll only be able to see their own products. Likewise, comparison sites can sometimes favour larger lenders, so you might miss out on hidden gems. There’s no danger of this when you work with a broker.
Tailored Advice
Not everyone’s application is going to look the same. For example, if you are self-employed or have poor credit, your application could be seen as a higher risk by some lenders. A broker can match you with providers who are open to working with borrowers just like you, so you can avoid successive rejections, which can damage your credit score.
Saving You Time and Stress
Mortgage applications are time-consuming, involving what seems like endless paperwork and back-and-forth communications with lenders. A broker takes on a lot of this for you and will guide you through every step and liaise with a lender on your behalf. For many people, especially those buying a home for the first time, this reduction of time and stress can be absolutely invaluable.
Better Chances of Approval
Because brokers understand the specific criteria that all the different lenders have, they will be able to recommend a mortgage that you are more likely to qualify for. By targeting your application where it’s most likely to succeed, you can spend much less time going from lender to lender and instead focus on other aspects of your property search.
Is a Broker Right for You?
As you can see, there are so many reasons to work with a mortgage broker rather than going it alone. So why not get in touch with a trusted team today?