You contact your mortgage broker, you get no response.
Weeks after you’ve found out they’ve left the business they worked for or the business you’re dealing with has shut up shop. Or, the service you’ve come to expect simply isn’t up to standards anymore.
As a client, you’re left needing a mortgage but don’t know where to start. This situation is becoming more and more common with clients that come to us after such events for their next mortgage application.
Finding the right mortgage broker is an important step in the mortgage process whether you’re buying or remortgaging. A good mortgage broker can help you find the right mortgage for your needs and circumstances and make the process easier and less stressful.
Here are some tips on how to find a good mortgage broker:
* Ask for referrals from friends, family, and colleagues. Word-of-mouth is one of the best ways to find a good mortgage broker. If you know someone who has had a positive experience with a broker, ask them for the broker’s contact details.
* Do online research. Read reviews of mortgage brokers in your area on websites like Google. Or, look at what mortgage brokers are active on platforms such as LinkedIn, Facebook etc. This can give you a good sense of what the broker has done and can do.
* Check with other professions. Does your accountant have someone they would recommend or have worked with. Similarly, would an estate agent or solicitor have details for someone they trust.
Here are some questions you can ask potential mortgage brokers:
* How long have you been in business?
* What types of mortgages can you offer me?
* Do you have any testimonials from clients I can see?
* Are you whole of market or do you have any restrictions with lenders you can use?
* How much do you charge for your services?
* How will you keep me updated on my application?
It is also important to feel comfortable with the mortgage broker you choose. You should feel confident that they are working in your best interests and that you can trust them with your financial information. They should also be responsive to your communications and not leave you waiting for days for a response to your query.
Once you have chosen a mortgage broker, they will work with you to gather your financial information and submit your mortgage application to the right lender for you. They will also help you compare different mortgage deals and recommend the best one for your needs.
Please feel free to contact us for more information regarding our mortgage service offering.