Hiring a mortgage broker is an easy task which many complicate unnecessarily. Sure, there are precautions to be taken and details to be checked before hiring, but with a little dedication and research, you can land yourself a great broker. To help you along the way, here are some steps you should follow to hire a trustworthy and efficient mortgage broker:
- Speak to brokers: Speak with brokers either in person or over the telephone. If you want to know where you can get brokers, try searching online. But the problem with online contacts is not that what you really want. So it’s advisable to talk to someone who is completely independent and has access to the complete marketplace. Also, check if he is absolutely fee-free. On the other hand, don’t approach anyone dealing just with a little panel of lenders. They will look for selling you what’s best for their company. Look out for those who have won awards and then check for reviews.
- Be on the Lookout for charges: A broker is bound to charge at least up to 1 percent. They will also try to use any type of lender commission to try and reduce the fee. Brokers should then offer you access to a better type of deals which you yourself might not be able to get. They should also ideally try to remove as much hassle as they can from the whole application process and give advice on the best structure.
- Check the fees: Many brokers do offer up their advice absolutely free of charge, but there are others who charge thousands. They generally bundle it up under the label of a type of arrangement fee. These kind of fees are nothing more than just charging you up for the privilege of being able to take out any mortgage. To avoid this, make sure that you have researched the credentials well beforehand.
- Ask for the qualifications: All brokers should be regulated and they must have passed their Certificate in Mortgage Advice and Practice (CeMAP) exams. Some brokers could even have Advanced CeMAP. This allows them to give advice on even lifetime mortgages, which are directed towards retired applicants. They can also take up the task of checking files on the regular and conducting annual exams to ensure that they remain compliant. But their knowledge and experience will surely differ a lot depending on their active years in the industry.
- Check for relevant experience: The whole mortgage market appears really different for first-time buyers than those of from the high earnings bracket who are on the lookout for bigger loans. So you should clearly ask the broker you have hired whether they do have the required experience and skills or not.
- Take the best deal: An independent broker will surely work fully from your side and not from that if the bank or estate agents. So they should have your best interests at heart. They should also have access to a huge pool of lenders. They should recommend them based on the circumstances rather than the remuneration.
Following these steps or tips will help you find a trusted mortgage broker who will help you out with your unique problems. Always remember that experience, expertise and reliability matters the most.