If you are looking to buy a home, there is a strong chance you will need to arrange a mortgage. Arranging a mortgage is a daunting prospect for many people, but help is at hand. A lot of people turn to a mortgage broker for guidance, but if this is your first time obtaining a mortgage, you may not what the role entails.
If you want to know what a mortgage broker is and what do they do, we are here to help.
What is a mortgage broker?
A mortgage broker is a company or person that liaises between yourself, the person looking to borrow money to buy a home, and a mortgage lender. A mortgage broker should take the time to find out about you, your budget and needs. This helps them determine what mortgage you need, and what deal would be best for you.
Mortgage brokers work with first-time buyers, people moving up the property ladder and even people remortgaging their current house.
Why should I use a mortgage broker?
You know hiring a professional costs money, and if you use the services of a mortgage broker, this will cost you money. However, the benefits of using a mortgage broker when looking for a mortgage should make life easier for you, and it could even save you money.
If a mortgage broker helps you find a great deal, that you may not have found by yourself, you may obtain a more affordable mortgage, which lowers your monthly payments. Therefore, spending money in the short-term can help you save money in the longer-term.
Services provided by a mortgage broker include:
- Assisting an applicant in assessing their financial situation
- Analysing the market to find the best mortgage for the applicants’ needs
- Reviewing available mortgages and then suggesting which mortgage is the most suitable
Mortgage brokers provide a convenient service, which saves you a lot of time and money. If you have never looked to claim a mortgage before, you may not know where to begin the process. Relying on the support and guidance of an expert can reduce the time you waste while helping you to find the best possible deal.
Most mortgage brokers will have contacts in the industry and will have access to suitable mortgages. If you are looking for support in finding the best mortgage for your needs, turning to an expert helps you.
When looking to use a mortgage broker, make sure you consider the cost of their service. Some mortgage brokers provide a free service to applicants, which can save you money. However, some house buyers prefer to pay an affordable fee for this support, in the hope of finding the best mortgage deal.
Not all mortgage brokers are the same, so look out for limitations in their service. Also, some mortgage brokers can only offer mortgages from specific lenders. If this is likely to be an issue for you, bear it in mind when looking to find your ideal broker.
At Mortgage Simplicity, we know the importance of finding your ideal mortgage, and therefore, how critical it is you use a suitable mortgage broker. If you need assistance in this area, please contact Mortgage Simplicity, and we’ll be happy to help.