The decision to hire a mortgage broker can be tricky – how can you know if the investment will be worthwhile? Usually, people only think about the value of a broker in monetary terms and, while it’s likely that a mortgage broker will save a borrower money in the long run, the short-term fees can be off-putting. But mortgage brokers offer more than just saving cash. Here are 10 examples of areas made easier with a mortgage broker.
More mortgage product options
Perhaps the most useful thing a broker can do – it’s the key service they provide, after all – is offering a wide range of mortgage products. Lenders often have a range of broker-specific deals and, in addition to that, brokers often have access to more lenders than those on the high street, offering borrowers a wide spectrum of deals to suit their requirements. Coreco, for example, have access to over 11,000 products from over 90 different lenders – that’s a big choice!
A market perspective
A mortgage broker has the industry knowledge and experience to give a detailed and accurate analysis of the industry. That doesn’t just mean the perspective of the industry in its current form, but reliable predictions on the state of the market in the future. A good broker can also give you their professional opinion of what other economic changes are liable to impact your mortgage repayments in the future.
You can never really be sure you can trust the information coming from a company trying to sell you their product. That’s why getting a second opinion – especially on large investments like a mortgage – is crucial. Brokers go one step further and offer you impartial, reliable advice before they’ve even spoken to a lender.
You can trust a broker to put your best interests first, but if they don’t or let you down in any way, you could be compensated. It’s in the broker’s best interests to offer you fair, honest advice.
Spotting new deals as soon as they’re available
Shopping around for what you want always has the same problem, no matter what it’s for. You will look at all the best deals in one area and then move on. Except when you’re looking at the next area, there’s no telling what new offers have come out where you were just looking! Thankfully, for mortgages at least, a broker can help out, because part of their job is to identify the best deals as soon as they become available. This could offer new avenues for buyers looking for a mortgage.
Checking your paperwork
We’ve talked a lot about paperwork on our blogs before, such as this list of the paperwork you’ll need to get a mortgage. It’s one of the more frustrating aspects of mortgages because a small mistake can mean the difference between approval or rejection. Looking through it and being certain everything is present is a pressured and thorough process, but a mortgage broker can take that pressure off your hands.
Research and preparation
What you’re really buying when you hire a mortgage broker is convenience. Applying for a mortgage usually means a huge amount of legwork and research that can overshadow everything else in your life. Brokers are happy to take the reins on your mortgage application, do all the research, and then explain the best options for your situation. Removing that burden will make for a more pleasant buying process with minimal stress.
Keeping your credit rating intact
As we’ve discussed already, brokers are great for making sure that your application isn’t rejected, both by ensuring you are applying for the right deal and double-checking your application documents. One great advantage of this is that, because brokers know which lenders are most likely to offer a deal, there is less chance of your credit rating taking a hit due to repeated rejections from lenders.
Brokers don’t just offer mortgage deals – many of them offer a range of services relating to property ownership. One example is insurance. Coreco has many contacts offering great deals on both life and home insurance. Since property insurance is usually necessary to get a mortgage, you will need to look into it. But with buying a house as your top priority, insurance can fall down the to-do list. Your broker might be able to help out with the burden of hunting down insurance deals – take a look at our Protection page to learn more.
Your mortgage requirements could be more specific than a traditional mortgage. There are many options of lender for a first-time buyer or a buy-to-let, but an overseas mortgage or a large development mortgage requires specialist lending with loans from those who are familiar with specialist mortgages. These are very difficult to find without broker assistance and, in some cases, it’s even necessary to contact the lender via a broker. A good broker will have a host of specialist lenders and private banks who are experts in these kinds of mortgages. You can find out more about the range of mortgages we can help with on our Specialist Mortgages page.
Lastly, if your application is rejected for any reason and you have been applying independently, you will need to restart your application process with another lender. Brokers, on the other hand, can take your application and reapply it directly to a new lender, saving you time and effort and, potentially, making sure you don’t miss the window of opportunity to secure your property!
Those are our top 10 ways brokers make the mortgage process easier. If you’d like to know more about what Coreco can offer and how many more ways we can make your mortgage application easier, get in touch via our contact page. We look forward to hearing from you!