There is a huge difference between going to the banker and hiring a mortgage broker when it comes to deciding where you are putting in your investments. Some people prefer going to the bank because they assume that since bankers are the people dealing with the loan in the first place, they will be able to give more valuable input that will prove to be practical. They are not wrong, but there are positive aspects of choosing a broker which will advantage you in a way the bank experience would not.
One thing you must always remember is that when you hire a mortgage broker, you are his priority and he is obliged to think in the best interest of you – not the bank they work for. Now, you wouldn’t want to go for a banker or a high street mortgage lender, and eventually end up benefiting them and not yourself. You may just get your hands on a mortgage offer which might become impossible for you to make repayments against. When you opt for a mortgage broker, he is liable to make sure the offer is affordable to his employer according to the Mortgage Market Review rules. Your broker is on your side, and should be able to find you the best deal available.
A few things you should expect:
Offer you productive and unbiased property advice
Unlike a banker, a professional mortgage broker has a wider outlet of lenders for you to choose from, hence, making the decision difficult at time. But it’s his duty to offer you his impartial opinion, which works out in your favour.
He should make sure that you are, indeed, making an aware decision. This includes telling you about the kinds of offers that are available which are tailored well according to your income, and credit capacity. So that you don’t find yourself knee deep in financial issues later on.
Perform all the paperwork
Your broker should do all the paperwork required in the process from the beginning till the end. The idea is to make the process as smooth for you as possible.
Evaluate your financial scenario
You should expect him to take the time to have a deliberate and in depth discussion about your current and future possible financial standing. Along with where you want to see yourself in the upcoming years. Because only when he is clear on your objectives and intentions can he help you make an informed decision.
Review your mortgage multiple times at intervals
Last, but not the least, your broker must keep a check on your mortgage situation several times in a year to ensure that you are not going towards bankruptcy, and are on the right path. Since he is not liable for any financial or otherwise repercussions, you should expect him to look out for your best.
The bank requires you to keep a check on your debt situation on your own, and since you are not an expert it may take a while to get accustomed to the nifty details. Until then, your broker should be by your side, making the process hassle-free and rewarding.