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The UK's independent property information site
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| Mortgages Discussions on choosing a mortgages and mortgage options available. |
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LinkBack | Thread Tools |
06-07-2011, 11:34 AM
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Re: Mortgage Finance
A mortgage broker is an intermediary who brings mortgage borrowers and mortgage lenders together. A mortgage broker collects paperwork from a borrower, and passes that paperwork along to a mortgage lender for underwriting and approval.
It depends upon an individual whether he/she want to use the services of a mortgage broker. There are many benefits of hiring a mortgage broker that can outweigh the disadvantages. They have many lending sources or we can say they have many connections which automatically opens a lot of options if you use one. If you have little or some knowledge in the mortgage market and it just did not make sense, a mortgage broker can help. 
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05-08-2011, 12:47 PM
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Re: Mortgage Finance
The only reason for not using a mortgage broker would be if they charge large fees. With the competition between lenders at the moment and the low interest rates you may be able to source some deals yourself and save yourself the broker fee. I myself do not charge fees for arranging the mortgage as much of the work is done via telephone appointments and email. I have found this works very well with clients.
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05-08-2011, 02:36 PM
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Re: Mortgage Finance
Yes, thats right but the question was should you use a mortgage broker or not. Short answer - if they provide advice thats free of charge why would you not use one? If you go to your bank all they can sell you are their own mortgage products. Go to a broker that is whole of market then they can put you with the lender that offers you the best deal at that time. There ought not to be any bias either towards a particular lender as they all generally pay the same commission. Hence, you receive best advice.
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23-05-2012, 06:45 AM
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Re: Mortgage Finance
As homebuying can be a stressful experience, having a professional assist you with your mortgage financing may be a service worth paying for. Just keep in mind, however, that not everyone is looking out for your best interests. It would help to research, shop around and compare rates and terms then show the best quote to other lenders and see if they'll go for a barter.
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