A mortgage broker is essential to link you with the right mortgage. You can’t afford to pay for a new property in cash. You need someone who will link you with banks or lending firms so that you get the best possible deal in the end. Of course, you can’t do all of this on your own. You need someone who can search for the best choice possible based on your preferences and criteria.
Though there are a lot of mortgage brokers available, the problem with some of them is that they are not independent. Most of them are tied with specific banks or lending firms. It means that they can get more money if you decide to choose the bank that they are tied with. Even if it is not necessarily the best choice for you, it will be the mortgage loan that you will take.
As a result, you will lose more money. You will also miss out on other options which might provide a better repayment scheme or a lower interest rate.
The main role of a mortgage broker is to give you the best possible advice. Although the choice is ultimately yours, you trust them as you think that they are experts in this field, so their final choice will be your choice as well. If they are not independent, then you might be led to make a less than optimal decision. You will be made to believe that you are doing the right thing, when in fact you aren’t.
You Deserve Better
This is why you need to partner with the right person. You have to screen the choices. Make sure that you eliminate from your list those who have obvious ties to a specific bank or firm. If you can’t determine it from the start, then perhaps you will know it along the way. As soon as you start talking about the options, the best options might be removed from the list to favour the company the advisor is tied with. If you notice this, then perhaps it is time to look for a new broker.
Do Your Own Research
Just because you have hired a mortgage broker does not mean you can’t search on your own. During your free time, you could also try to compare the options that you have found. You may also ask your friends who have tried getting a mortgage before. Ask them which of the options would be most suitable to you, considering your financial limitations. Then, your final decision will be based on the recommendation of the broker as well as your personal research. This informed decision will give you the property you deserve.