Choosing a Good Mortgage Broker

If you are a potential first home buyer or an existing home owner looking to upgrade to a new house, then the chances are quite high that you will decide that you need a mortgage broker to help you through the process. Well the main Banks can arrange mortgages on their own, many if not most applicants wonder if they are indeed getting the best deal, and if they need assistance to help them with the decisions and paperwork.

Harriet Stevenson, independent mortgage broker

Mortgage brokers are independent from any bank or financial, and are bound by regulation in terms of dispute resolution and the quality and independence of their advice, and because they charge no fee to their clients and are instead paid by commission from the banks then they are a very attractive option for many home buyers. One big advantage for home buyers is that a mortgage broker does not get paid themselves until the mortgage has been advanced to the client, and so the brokers are very motivated to make certain that their client is successful.

This has always been the case, and before 2010 many brokers would exaggerate their clients financial situation in order to win the deal with the banks, but subsequent regulation has largely put a stop to this practice. The challenge now for most borrowers is deciding on the best mortgage brokers Kapiti has available for them, while feeling reasonably secure that the brokers will not rip them off or offer them bad advice. There is quite a variety of brokers to choose from, and perhaps the biggest upfront decision is whether to go with a large broking company or whether to go with a much smaller independent mortgage broker.

A large mortgage broking company may provide the comfort of a well known brand and a very good placing in Google searches, but the borrower needs to be aware that this company is probably getting far more leads that it needs to deal with, and may not offer the best service if there is any problem or difficulty at all. Conversely the smaller independent mortgage brokersĀ in Marlborough generally provide much better service and can handle a larger suite of problems, simply because their business depends on it. They have chosen to be independent because of the wider variety of work.

The large companies that are very high in Google search tend to discard any potential new customer if there is any sort of problem, whereas the smaller independent mortgage broker will go out of their way to solve the problem as best they can. The larger companies are generally focused on production while the smaller countries are focused on providing great service because that is what their business reputation depends on.