The best mortgage broker will know which lenders are most likely to accept your application – and how to get you the best terms.
How long does a mortgage application take through a broker?
Many mortgage brokers us earn a commission from the lender they recommend, and some are paid by the borrower directly. Typically, they receive a fee ranging from 0.50% to 2.75% of the loan amount.
Brokers can save you a lot of time. Whether you are looking for a home or refinancing, it can take weeks to gather rates from dozens of lenders.
The mortgage process is filled with many documents and requirements. A good mortgage broker will have a strong understanding of what to expect, and can communicate those details in a clear and concise way.
A mortgage broker may also be able to negotiate for you a lower interest rate than you could on your own, saving you money in the long run. That can be particularly helpful if you have bad credit or are trying to qualify for a special type of property.
Getting a great mortgage is hard work, and it requires a lot of patience. A good mortgage broker will do everything they can to make the process as easy and seamless for you as possible.
They will help you get a credit report and review your financial situation before starting the process. They will also advise you on government schemes, such as Help to Buy.
If you’re looking for a mortgage broker, you should look for one who has been in the industry for some time and has a proven track record of customer service and satisfaction. This is especially true if you’re new to the mortgage business and have a lot of questions.