A mortgage is likely the largest single financial commitment you will make. So you can’t sign off on the first offer that presents itself. You need to shop around to find the mortgage that is the best match for your circumstances. But that takes time. In some cases a lot of time. If you are busy juggling family and career you may not have enough time to dedicate to the process yourself. That’s where the mortgage broker comes in. But what does a mortgage broker do for you?
What Does a Mortgage Broker Do for You and are They Worth It?
When attempting to obtain a mortgage you have two choices: you can work directly with the lender or you can use a broker. Working directly with lenders has its advantages, but it’s a process that is fraught with potential pitfalls and you may well wind up paying a lot more than you have to.
A broker on the other hand, while licensed, is a type of free agent in that they are not bound to promote the mortgage products of any single bank or other lender. They will shop around for you and present you with an array of choices so that you can be certain to find the one that is right for your situation.
Once you have decided which mortgage product is right for you the broker will act as an intermediary between you and the lender. They will also help you navigate the forest of paperwork. And because they are legally bound to represent your best interests you can rest easy knowing they are not going to try and steer you toward a particular product just because it might bump up their fees.
A Word About Those Fees
Mortgage brokers are in business, meaning they don’t work for free. In most cases, the lender pays them a fee once the loan has closed. In some cases, however, the borrower may be the one who pays the broker fee. That is something you will need to ask the broker upfront.
If you are searching for a broker to help you obtain a mortgage get in touch with the trusted pros at Mortigo by calling 0808 164 1616.