A Mortgage Broker’s Only Agenda Is You
One of the most important differences between the advice given to potential mortgage lenders by mortgage providers and mortgage brokers is that a mortgage broker’s only agenda is you. Mortgage providers are undoubtedly experts in the mortgages they provide, but that is where their interest ends.
In contrast, mortgage brokers view potential lenders as individuals and attempt to use their expertise to navigate and negotiate on your behalf. In order to do this, a mortgage broker needs to know their client as well as they know ‘the industry’; essentially, a mortgage broker’s success and career depends upon the quality of the service they provide you with. While this should (arguably) be true of a mortgage lender; it is literally true of a mortgage broker.
To learn more about the difference between a mortgage broker, banker and lender, the Mortgage News Daily website features a useful Q&A section in which the subject is widely discussed.
A mortgage broker can provide invaluable advice before you approach a mortgage provider
Those who do not seek the advice of a mortgage broker often find their first face-to-face discourse with a mortgage expert occurs after they have already submitted a mortgage application. What many people fail to realise (because they are not themselves experts) is that this approach itself can harm their chances of securing the best mortgage. Further, being turned down by a mortgage provider can negatively impact upon your credit rating – which any subsequent provider will closely scrutinise to assess whether they are willing to lend to you.
Ignorance of the mortgage industry can potentially damage a person’s credit rating. At the very least, credit ratings leave ‘foot prints’ which, in-turn, can affect and play a part in determining a person’s over all credit rating. Those with the strongest credit ratings are most often those who organise, assess and avoid risk. A mortgage broker, in this case, is the best way to avoid taking any potential risks with your credit rating.
Research different mortgage brokers. Look for a well known broker, whose credibility is attested to on independent websites, such as Andrew Craddock of Mortgageforce Worcester. A quick Google search of Andrew Craddock instantly yields reviews and five star ratings, via Vouched For, for example. You do not need to be a detective, just employ some common sense.
Mortgage Brokers can offer impartial mortgage-related advice that can save you money
Many people do not have life insurance and many mortgage providers will not accept applications from individuals who do not have life insurance. Consequently, many mortgage providers offer life cover as part of their mortgages. Whilst this seems a convenience, unfortunately, convenience in western society is often a costly commodity.
Mortgage providers may seem to be making purchasing a home less stressful by offering life cover as part of a mortgage ‘package’. Do not be fooled; their agenda is not your convenience; mortgage providers make their money by exploiting lenders desires for a home, for convenience and for a stress-free solution. Therefore, you may think you are killing two birds with one stone by getting a mortgage and life cover ‘in one’, but the chances are that by doing this you have not saved yourself the expense of a mortgage broker, but in the long term cost yourself even more. Because mortgage life insurance can as well be referred to as a number of things, for example ‘mortgage insurance’ or ‘protection insurance’ some people even find they are paying for it, despite their own life insurance covering them already. The fact this happens proves that lenders’ priority is their own, and not you.
Insurance is a perfect example of just one of the ways in which mortgage providers capitalise ironically on people’s attempts to save money. Providers rely on the ignorance of the individual. Therefore, a mortgage advisor may not just save you stress, time or your credit rating; they may well save you money.
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Milton Ferrara is a professional blogger and writer with an experience of half a decade. Known for his amazing take on conventional matters and his boldness for writing new fresh content, he has a strong presence on the web.
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