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Mortgage brokers are qualified and regulated professionals who specialise in matching those who want to borrow with those who want to lend. Kind of like a well meaning friend who wants to set you up on a date with someone they think is right for you. Kind of.
Most brokers will have a contact list of hundreds of potential lenders with whom they consult on a freelance basis.
Their job involves checking a borrowers credit status and finding the most suitable lender to take care of their requirements.
The broker should manage the entire application (sending it to one or more lenders) right through until the completion. An effective broker can usually handle clients from either end of the credit score range.
The broker earns a fee from the lender not the borrower, the better deal they negotiate the better their fee (usually).
It is, as with most things, sound practice to shop around. One broker may be able to find you a more competitive rate or more suitable repayment terms than another. Do not take the first offer you find, but instead use resources such as the internet to find licensed brokers that can service you locally.
If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years.
Your local broker, whilst convenient for you and understanding your local market, will be able to access lenders across the country. Banks are typically tied to their own products and do not always have a local presence.
Local market variations, including heating and septic systems may be foreign to a national bank. Also local classifications and terminology may also be lost on them.
Misunderstandings can cause the loan process to slow or even stop. Local brokers will have significant knowledge of the real estate market in their area and can anticipate and avoid such problems. lenders removed from the local maret may question and disapprove loans that an intelligently sourced lender would not. This is where the broker earns his fee - often finding lenders for people with problem credit.
Certain properties with unique or commercial characteristics can sometimes prove difficult to finance through normal credit channels. A competent broker can source specialist lenders for non standard real estate as well as non standard buyers. Thay can also give you an accurate appraisal of timeframe and outcome.
Whilst a word of mouth referral from a friend or neighbour is ideal, it is not always possible. Use our online directory of mortgage brokers to help find a local broker that's right for you.
Money, if it does not bring you happiness, will at least help you be miserable in comfort.
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