Selecting a mortgage broker to assist you with purchasing your next property is a huge decision. It is also one that is often overlooked in the excitement of the house buying process.
However, choosing the right mortgage broker can make a big difference to the whole house buying process and even your ability to get your dream property. It is, therefore, important to consider these facts before selecting a mortgage broker:
- Advice From Friends
It is highly likely that you have some friends that have already dealt with a mortgage broker. You may even have one that you used in the past. It is a good idea to ask them their opinion of the one or ones they have used and whether they would recommend a specific one or not.
As you can trust your friends this is a good source of information.
- Review Online
Armed with this knowledge you can now look at what other people are saying about your short list of brokers. The easiest way to do this is to go online and look at some of the social media sites. There may even be dedicated forums. Here you will usually find a range of opinions.
You must remember that no one can satisfy every single one of their customers; expect some negative feedback. Providing most of the feedback is positive you can assume that they are a good broker for you to use.
- Visit the Broker
The next step is to visit at least 2 or 3 of the brokers you are considering. A good broker will ask you lots of questions and should give you a good idea of what products you are likely to be able to get. This should include an estimate of your borrowing limits.
It is important that you feel comfortable with the mortgage broker; this will ensure you are honest with them and are able to get the deal they are offering.
- Products Offered
It is also important to see what products they have to offer. A good mortgage broker will be able to offer you an attractive deal regardless of your current credit rating. They should have access to a wide number of lenders; this will help to ensure you can get the best possible deal.
Even if you do have a low credit rating this does not mean that you will be unable to get a mortgage, the rate will just be a little higher.
Finally it is important to check what fees they charge and what is included with this. Many mortgage brokers will not charge you a fee; they will get commission from the mortgage lender. There may also be fees associated with the product, such as a set-up fee and even early repayment fees.
You should also verify if there are any other fees which you should be aware of; it is best to know what you are letting yourself in for before you commit to your new home and mortgage.