There are hundreds of mortgage agents in operation there are more agents than banks in cities. A mortgage is quite likely the biggest financial commitment you and your family will make, it’s important to make sure you are getting the best product to suit your needs. Enlisting the assistance of a mortgage agent makes the process a whole lot easier but also can help you discover the best bargain.
With so many mortgage brokers outside there, it’s difficult to know who to choose. There are some industry sharks out there that you definitely need to avoid. The very first thing is that the lender is being paid by the bank and not you personally paying the mortgage brokers. Keep an eye out for agents which will stitch up you into a loan that pays the highest commission to them. There are some out there which can do 14, although it’s a minority. The accounts are usually laden with high fees and interest prices.
Before you make inquiries in person, and hopefully before you buy property, begin doing your own research. Find out who the regional brokers are in your region. Some will be large organisation, usually with a brand name you know and with an office in town. Others may be operators. One is not necessarily better than the other.
Take a Look at some newspaper ads and check out the websites. Narrow down your choice to two or three agents that you really feel as though you might want to deal with. Brokers will provide you with a no obligation consultation. Make the time to sit down with the ones that you like.
A one on one meeting with a mortgage broker will give you a good idea of their operation and work ethic. Professionalism and demo speaks volumes. A good broker, even if a little messy in nature, will always be well presented and have a pleasant area set up for meetings with clients.
Come prepared with a list of questions. Ask about the process and what happens. Discover how long they take to get approval. When you sign a contract to purchase property you will usually have a deadline on your finance clause you will need to meet. Familiarize yourself they’ll have the ability to offer a bit of advice on this to you. Ask since it’s very likely that they will if they have any affiliation with a lender. Most brokers have a strong relationship with one particular bank, this doesn’t mean that you shouldn’t use the broker, just that you need to be aware of it.
Once you’ve found a good broker things will get easier for you. The key is to know what you are signing Up for and make sure that you’ve read the fine print. A good broker can definitely help you along the way.