Benefits Of Using A Mortgage Broker
Tuesday, February 5, 2008
Buying a house can be complicated enough, but trying to sort out which mortgage is best, what the different rates are, etc, can be like trying to pick your way through a minefield. That’s why using a mortgage broker is such a good idea, and one that more and more homebuyers are starting to do.
Why a Mortgage Broker?
A mortgage broker is a certified professional and someone who has spent years training to become an expert in mortgages. Regulated by the Financial Services Authority (FSA), they have a strict set of guidelines that they must adhere to. This includes the information they give you, and the ethical decisions they make regarding any financial advice they provide to you.
Because of this, they are usually independent, which offers the potential home buyer the benefit of unbiased advice. Even if a mortgage broker belongs to a company, you should still be offered a greater choice when it comes to the type of mortgage you take out, as well as whom you take it out with. Compare this to banks and building societies, which usually try and arrange your mortgage solely with them, and the extra cost in using a broker are more than worth it.
What does a Mortgage Broker do?
Because they are such experts in their field, a mortgage broker can offer a host of services that you may not have received otherwise. As well as their advice, you can also expect a broker to:
- Find the mortgage that’s right for you
- Access to thousands of different lenders nationwide
- Provide a “mortgage calculator” that will help you decide how much you can borrow
- Explaining the different mortgages – fixed rate or variable, self-certification or ad credit mortgage,
These are just some of the basic services that a broker can offer you. They can also help you arrange the best survey companies to use, close your paperwork, arrange legal fees and advice – pretty much anything connected with a mortgage, a broker can help you with. Additionally, a mortgage broker can also advise you on what additional costs you should include – for example, mortgage protection insurance and why you need it.
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