Mortgage brokers – should you or shouldn’t you?
It’s tempting isn’t it? To have someone else do all that tedious research and shopping around for you? And really they should be in a good position to get you the best loan. But are there any drawbacks you should be aware of?
What a mortgage broker can do for you
Time and hassle: a mortgage broker can save you a lot of time by doing the shopping around for you.
Expertise: because mortgages are his or her daily fare, your broker will be familiar with the differences between loan products and be able to explain those differences to you.
A better rate: a broker will know which lenders are most aggressive in which areas and may be able to get you a better rate
Securing the loan: brokers will be familiar with each lender’s loan criteria. Particularly for first home buyers, unusual loan requirements, or those with less than perfect credit histories, this can make the difference between getting a loan and missing it.
Service: brokers are often more service oriented than employees of lenders. This can be particularly useful if there is some urgency attached to securing the loan (so you can bid on a particular home, for example).
So what’s the catch?
Mortgage brokers are generally paid commissions by lenders… READ MORE [page 2/2]