Best Ways to Find Good Mortgage Brokers
It’s no secret, finding the right mortgage brokers is very much like finding the right lender. This is someone who will move heaven and earth to find you financing that is perfectly suited to your personal financial capabilities, goals and needs. The problem is that every mortgage broker says they are the right one for you. Obviously, that can’t be true otherwise they would all be merged into one big company with absolutely no competition within that industry.
But because they are all not part of one big happy family and because there is fierce competition within that industry, we are led to believe that maybe not all of them are the right ones for you. Every broker has a different business plan, strategy and agenda. Your job is to find one whose agenda lies in tandem with yours. Here are a few thoughts on how you can do that:
Find independent mortgage brokers
The very first thing you should do is narrow down the list by only selecting independent brokers. These are people who have access to a wide variety of mortgage deals across the country as opposed to a broker affiliated with a specific lender who will only work towards selling you on their specific products. An independent broker will present you with a wide array of options from which you can choose the right one for you.
If you need help in finding independent brokers, you can always attend property meets to fish for info. Chances are, the investors you come across will be able to provide you first hand knowledge on which brokers are satisfactory.
I tend to recommend the Pin Meetings of Simon Zutshi and the Community Meetups of Rick Otton, because these are held in multiple locations every month. Hence, you won’t need to travel far in case you missed the event in your area. You can always sign up for the next meet in the following month.
Ensure that they are properly certified
There is no point working with someone who isn’t fully certified. For one, it means that they are operating illegal and therefore might not be part of the main ‘grapevine’ as far as mortgage lending information and laws are concerned. If they are certified then they probably belong to some kind of association that keeps them up to speed and ensures that they treat you ethically as opposed to taking your money and heading down to Monaco for the good life.
How are they paid?
A legitimately honest mortgage lender will give you the financial figures upfront. Since this is someone who is focused on providing you with the best possible bespoke service, they will want you to be honest with them about your financial situation and they too will be honest with you about what you are getting. Some brokers are paid by the mortgage lenders while others take a commission from you as well. Take a closer look at the ones who take a commission from you because it means they only get paid if you are satisfied and your application goes through. This, in turn, means that they will find you something that fits right into your financial capabilities.
When all is said and done, go online; Google is your friend. Take your time to compare the different services available to you and hold as many interviews as you deem fit. Only settle for the one that you think suits your needs best.