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Below, you'll find extensive information on leading
fixed rate mortgage articles and products to help you on your way to success.
Mortgage Brokers: What Do They Actually Do?
By SeanH-9584
If you have decided to look for a mortgage, you may
have originally assumed you had to go to your bank. Then perhaps someone advised
you that you would be better going through a mortgage broker. But you may
be hesitating because you don�t know what a mortgage broker actually
does.
So why should you consult a mortgage broker and what happens if you do?
The world of mortgages is very confusing nowadays, especially for the
newcomer. There are literally thousands of mortgage products out there.
How do you know whether you want an interest-only or a repayment mortgage,
a fixed-rate, variable rate or a tracker mortgage? Plus each applicant�s
situation is unique. The mortgage broker is there to look at your circumstances
and help you find out what is the right mortgage for your situation.
1.When you have decided which mortgage broker you want to use, you
can either go there in person, or contact them online or by e-mail or telephone.
Don�t worry if you�re busy at work and don�t know how you can get the time off.
Lots of clients never meet their broker in person.
2.The mortgage broker will show you an Initial Disclosure Document
which explains how he/she is paid � i.e. commission only, fees only, or both. If
you prefer a different method of payment, obviously you can go elsewhere at this
point.
3.After this, the first thing most mortgage brokers will do is
give you a questionnaire or conduct a fact-finding session. If they are going to
find the right mortgage for you, they need to be clear about your exact
circumstances. So it goes without saying that you absolutely MUST be honest. If
your finances aren�t in the best of shape, don�t worry, they�ve heard it all
before. But the broker has to know the facts of your situation.
4.The mortgage broker will scan the market to find a lender who
can provide what you need. There is special software that enables the
broker to input your details and bring up a match. The broker can then make a
recommendation based on what you are looking for and what you can afford.
5.When a product has been selected, you will then be provided with a KFI
(Key Facts Illustration or Key Features Illustration). This explains why the
broker is recommending this particular product, what services they are offering
and what their fee or commission will be.
6.If you are happy to go ahead, the mortgage broker can help you
with your application form, if you wish. Sometimes it�s easy for a new applicant
to get confused or to misunderstand what a question means. The broker can help
you complete the form in a way that gives you the best chance of a favourable
response.
7.The mortgage broker will then act as a �go-between�, between you
and the lender, to make sure the process goes smoothly. If you are worried about
time, the broker can sort out things like chasing solicitors, arranging
valuations etc.
Doing it all yourself can be extremely stressful, especially if you are working
full time. Using a mortgage broker can save you time and stress, and make
it more likely that you will get the mortgage you want and need.
Article Source: http://www.articlemap.com
Sean Horton is a Director of
Enhanced Wealth
Limited who are a specialist
mortgage broker
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