Who is a mortgage broker?
The role of a mortgage broker is to help clients to choose between several loan options according to their suitable needs. Most of the brokers out there, don’t charge fees. Instead, they decide to receive payment in the form of commission from lenders.
Brokers have a legal obligation to make sure that you are not put into a loan option that is unfit for you. They provide you with a Credit Guide before proceeding further with the assistance. The guide contains their license number, fees, and details of your rights.
Is it easy?
Finding the right mortgage broker is not an easy task. Buying a house is most likely to be your biggest purchase. So, the time for researching the right mortgage broker can save you thousands.
If you find a competent mortgage broker, then the job of finding a home loan can turn into a rewarding experience.
They’ll pay attention to your requirements, help you select what features you’d like, and source several home loans which would suit you. And most importantly, they’ll be available to discuss your loan requirements or any questions you may have along the way, at any time.
But here comes the issue. Just like any other business, brokers can range from high level to mid-level, and down to low level experienced. An experienced broker typically has a large panel of lenders and rated with satisfying customer service skills.
Selecting the right mortgage broker for you
When searching for a suitable mortgage broker, note that you can find brokers who have expertise in different fields applicable to your needs. If you’re looking for a home loan, you should search for a broker who is an expert in home loans since brokers who deal in commercial property might not have the necessary lender panel for residential home loans. Just like that, if you have poor credit, then you should search for a broker who has expertise in finding home loans for people who suffers from poor credit.
The necessary first step will be to ask your friends and colleagues if they are acquainted with a good mortgage broker. Besides, you can also search brokers online, and find out their experience in the industry, or which lenders are available on their panel and the types of loans they’re offering.
Generally, a broker should have access to various lenders, including both traditional (banks, credit unions) and non-traditional (wholesale or non-conforming) lenders. In minor cases, brokers don’t compare a wide range of suitable loan products. In that case, it’s always best to ask them about the products they will be comparing and the source.
What are the skills of a Mortgage Broker?
A good mortgage broker should have the following skills:
- Assist you in finding a suitable loan that suits your circumstances.
- Calculating exact borrowing and repaying amounts as well as adhering to strict deadlines.
- Clarifying fees
- Explaining insurance options
- Offering tips to save money
- Answering all your queries.
- Having updated knowledge about the industry.
Also, make sure your broker is well organized with excellent problem-solving skills. A good broker should have good product knowledge, excellent social skills, and patience to discuss lenders and products without depending entirely on their computer software. If your broker doesn’t appear 100% confident in the information he provides, then it’s a clear indication that they lack experience.
You must ensure that your mortgage broker is accredited under the National Consumer Credit Protection Act, and your broker is providing full disclosure. In this manner, you are entirely protected with your home loan.
If he or she suggests you a particular option, then ensure that if they can answer why that home loan is the best for you. Make sure that the product that they offer matches your needs completely.
Rands Financial Services is not only a Mortgage Broking Firm but also CPA Accountants and owns a Registered Tax Agency. Therefore, our advice and assistance are more comprehensive than an average broker.
Therefore we always explain the options in details and clarifying any doubts, make appointments at a place and time convenient to you. Moreover, we update you with news often and revisiting your financial situation and continuously looking out for products that will reduce your interest at different stages of life.
