Buying a home is scary and finding the right mortgage for you: even more so. As such, it is important to find a mortgage-broker than you can rely on before taking the plunge. In this post, we’re going to explore ways in which you can find a decent mortgage-broker and how to decide as to whether or not they’re the right company for you.
First of all, you must decide if you actually need a mortgage broker. Yes, they will save you an awful lot of time and hassle by arranging a mortgage for you with a reputable lender. However, there are certain companies out there who might not have your best interests at heart. Remember, they get paid on a commission basis, so there are some companies which will be looking to strike the biggest deals, as opposed to the more suitable for you.
All that being said, there are a great number of genuine mortgage-brokers out there, who are dedicated to providing you with the best possible deals. You can’t go wrong with a broker like Multi-Choice for example.
What kind of lender are you looking for?
In order to find the most suitable broker, you’ll need to know what kind of lender you are looking for. For example: if you want to deal with a small lending company, where customer service and personal touch will be their priority; then that will affect which mortgage-broker you choose. Or alternatively, if you want to go for the cheapest possible rates, then you’ll need to find a mortgage broker that deals with larger companies that can afford to offer such. There are pros and cons to both, so be sure to give it some serious thought.
Speak with your estate agent
Any decent estate agent worth their salt should have experience working with a number of lenders. As such, they might even be able to make some recommendations on who to roll with. However, if you’d rather do this yourself, then by all means, seek out a reputable mortgage-broker and have them assist you instead.
Know your credit score
Finding the right mortgage-broker will largely depend on the state of your credit score. If you want to work with reputable companies, then you’ll need yours to be relatively intact. If you want to find out how to improve your credit score before applying for alone, then simply follow the link.
Research their reputation thoroughly
Don’t be fooled by fancy websites and a chatty representative. Before rushing into making any final decisions, you must do your research into a mortgage-brokers reputation. Check out their reviews on social media and Google My Business, ask to follow up any references or testimonials that they might be able to offer you. Again, buying a house is a big deal and signing up to a home loan is something that requires a significant amount of careful consideration.