You’ll need to know where to find good mortgage brokers to help you get the best price on your next mortgage unless you’re really on top of things and know exactly what’s going on in the property market. However, it’s not as easy as you would think, and there are a few stumbling blocks. Wealthy You is an excellent resource for this.
As a general rule, never use a mortgage broker who hasn’t been suggested to you. Inquire of your friends and family about the brokers they used, and learn as much as you can from their experiences. Another way to find preferred brokers is to visit the nearest real estate office and inquire about who they recommend to their clients. After all, they are more knowledgeable about land acquisition than the majority of people.
When you’ve found a few potential mortgage brokers, check to see if they’re tied or multi-tied. This means they only consider mortgages from a limited number of lenders. They might be able to find you a good mortgage deal, but they can only look at a limited range of options. An unbiased mortgage broker will look over the whole market and compile a detailed list of the best offers available right now.
Inquire up front on how the mortgage broker would like to be compensated. They can give free consultations before charging by the hour in some cases. Some brokers get paid by the service provider, so you don’t have to pay anything. These are the best types of mortgage brokers because they are inexpensive.
Finding successful mortgage brokers who are looking out for your best interests is more complex than it seems. Before entrusting your company to any broker, take a look around and ask some questions.