Brokers

If you’re getting a mortgage, a broker is just about the best friend you can have. Your broker won’t just save you time and money; they’ll ensure you get the most out of your mortgage. Forget the flashy alternatives; a good mortgage should be affordable, sustainable and fit to the purpose. Your broker will find the mortgage that fits your needs first, and the lender’s second. They’ll find the mortgage that fits.

Don’t forget, you’re never guaranteed a mortgage. Unfortunately there isn’t a lender alive who’ll give you a mortgage just because you ask for one. It isn’t always in their best interests. You’re not always going to be their first choice applicant; your credit rating might not cut it. But a good broker will ensure that any potential lenders know it’s in their best interests to make the offer. By the time they’ve finished singing your praises, you’ll be like catnip to mortgage lenders everywhere!

So if you’re going to enlist the assistance of a broker, you’ll need to know just who you’re dealing with. Just as not all mortgages are created equal, neither are all brokers. Brokers may be qualified, but just as likely won’t be. Brokerage is a special skill, but you’ll find lenders and financial experts who have just as good an idea of how to procure a deal and who boast commensurate skills. Brokers may be independent or affiliated. Again, it doesn’t matter either way, provided you’re aware of the implications of their affiliation and what it means in terms of narrowing the parameters of your mortgage search. You’ll also need to determine who foots your broker’s bill. By and large, it’s the responsibility of the ‘winning’ lender, but it’s best to check this out in advance, and circumvent any embarrassment down the line!

The job of the broker is to find the right mortgage for your needs - even if you don’t quite know what your needs are; let alone what sort of mortgage you want. It’s not just a question of finance and form filling; brokers will work with you to define your long term plans, as well as your short term requirements. Finding a mortgage that suits your current needs and has the in-built flexibility to accommodate your changing needs in the future isn’t always easy, but that’s what brokers will do to win you over.

You might not know it yet, but your broker knows what you need and where you’ll find lenders willing to fight out the sort of deals to secure your interest: the longest fixed rates, biggest sign up incentives or most closely indexed base rate trackers. Whatever finance package you need, your broker will find the biggest and best mortgage, with all the incentives to top it off.

Your broker is honour bound and virtually index linked into getting you a good deal. The better the deal, the likelier you are to take it and the better the prospects for your broker. After all, he or she has to put in an awful lot of work before getting paid. It’s not an altruistic enterprise of course, but that doesn’t have to mean it’s soulless. Brokers work hard to find the best deals for their clients. To do that they need to get to know their clients; to get a feel for what they want, and that makes it essential that they establish good working relationships with each and every one of them. Feel free to ask your broker about any aspect of their service; don’t be afraid to push them to find you competitive deals; don’t be afraid to use their skills to the full.

If you’ve got a leak, you call a plumber; if you’re buying a house, you might want to enlist the services of a plumber too, but, first and foremost, you’ll need a broker. Brokers make mortgages happen. Brokers make prospective homebuyers into home owners. If you’re in the market, you’d better see what a broker can do for you…