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Is An Independent Mortgage Broker A Good Option?

Over 50% mortgage deals are fixed through independent brokers. Considering the new home loan rules, these figures are sure to grow! 

Gone are the days when you walked into a bank, called up multiple departments and managed to have a deep, engaging conversation with the local branch manager. However, things have taken a major turn, and for the good.  

Just a few years ago, most mortgage loans were taken up by people directly through banks or other mortgage firms. However, today as we step into a new decade the reliance over these institutions has been fairly low. Banks and other firms have been known to be less trustworthy, making people shift their focus from these complex institutions to independent brokers. 

Independent mortgage brokers are known to dispel sound advice, having in and out knowledge of the rules and regulations driving the mortgage sector. Over 50% of home loans taken up by people today are therefore through brokers. Industry experts even state that brokers are going to take up a major market share in the coming times, as they are becoming a preferred route for people. Three out of every four loans will be through an independent broker in the coming five to ten years. 

Why has this shift happened? 

People who have recently tried to a mortgage loan for their future property investments have been preferring brokers over banking institutions or other firms. This shift has happened because of the waiting time people have had to face recently. Due to stricter laws, the waiting time for an average application has changed, and has only grown. New rules directly state that the lenders are supposed to be qualified enough for assisting new clients in the market, which some banking institutions are not capable of doing. 

Independent mortgage brokers are now qualified and certified to assist potential home owners with their expertise, in a hassle free manner. Not only do they assess each and every tiny aspect carefully but also assess their clients thoroughly, giving them an edge over banks and firms. Brokers tend to build long-lasting relationships with their clients, which institutions fail to do! 

This shift in the mortgage lending sector is being heavily accepted by both the potential homeowners and by major institutions all across the globe. Major brands like TSB, HSBC, etc. are accepting this unprecedented shift and are widely emerging to be independent brokers.

Independent mortgage brokers shell out the best for you, no matter what financial situation or credit profile you are stuck with. In fact, unlike earlier times when people went online to find themselves the best deal is no longer a practice. People are relying on having personal interactions with their mortgage brokers to strike the best deals. 

This shift has also happened because of the changes City Regulators have brought in. these changes have made it very hard to get the best deal on a home loan. Lenders are now supposed to follow a strenuous process from borrowers, making it difficult to pass the test taken in the form of an interview. People do sometimes feel harassed and scrutinized by the three hour long interviews taken by institutions to get a great deal. Questions about their personal life, childcare costs, lifestyle costs and other expenditures are taking a toll on the people. People who claimed to have received their share of great deals earlier are now being rejected by these changes in the mortgage sector. 

Finding a good broker 

Finding a broker who is great and can get you the best deals is a significant factor today. There are multiple things to look out for when looking for these services. Not only do you have to see the kind of people they are, their office and their reputation, but you also have to look into their operations and other technical factors. 

Visit Now: – The Importance of a Right Mortgage Broker: How to Choose

Word of mouth 

Though assessing someone’s reputation might be difficult, but when it comes to brokers you have seen helping those around you, you can certainly rely on them. Word of mouth therefore is a great factor when it comes to finding the best broker. 

Having your friends or family members experienced the services of a good broker is always a good thing. It is, in fact, even better than finding someone new online. 

Look them up! 

However, relying completely on the “gut feeling” involved here is not the best way to go about it. Word of mouth is important, especially by the people you trust; but trusting them through their reviews is also important. So, when you do come across a broker, no matter through what sources, you should look into their profile as well. This is factor number two! 

Look for them online, look at their website, look at their reviews and business snippets. Look out for anything fishy. If everything seems good on various online platforms as well, you should proceed. 

Meet them! 

Another important factor about getting into a relationship with a broker is how do they sound when you call them? Do you reach their office phone numbers, and does someone sounding professional picks up the call? If your broker is only okay with having a phone conversation with you, think again as to where you are headed. It could be a danger sign! 

Having a proper office, with a few staff members assisting you is always a green signal. Getting a face-to-face appointment through professional means you are in good hands. 

There is a pool out there

As far as the mortgage market is concerned, there is a pool out there and having an independent broker back you up is a blessing in disguise. There is a whole new world, a whole new market loaded with deals and offers that can give you access to a new home that you have always dreamt of owning. But these great deals are of no use to you if you do not have access to them. 

Independent mortgage brokers can get you into this pool, since they represent the whole market and are not restricted to a certain financial institution. Some brokers even come with heavy discounts and broker exclusive deals, that is not really a lender’s cup of tea! 

They are, as their name suggests, completely independent. Unlike money lenders, they are not going to give you access to a pond!