At the present time, there have been a lot of changes in legislation regulating mortgage affordability checks, the credentials of mortgage brokers, as well as the information that brokers have to share with borrowers regarding their fees and the extension of their services.
All these legislative changes have lenders and brokers consider the financial situation of their clients to assess their affordability. They have to go this route to make sure they are suggesting suitable mortgages for you. The dire consequences of these proceedings are that it is now harder to obtain a mortgage, but it’s pretty secure to use a broker to get a hold of any incoming offers.
Even with all these new regulations in place, mortgage brokers still work as the best source of exclusive deals with lenders. They are also the best type of hired help that can get you fully prepared to deal with a lender in conditions that are favourable to you.
Is There an Option to Get your Mortgage from the Lender Without Intermediaries?
The short answer is “yes,” but it will take a lot of time and effort on your end. You will have to do a lot of research, ask for recommendations and consult the people you love about how they dealt with this when they moved. If you feel their answers are lacking, take a full evening and check the internet for reviews or the effects of a well-earned reputation. A lot of mortgage agents have their own websites and chat services in real time, so don’t be afraid to ask the hard questions.
Benefits of Working with a Professional Mortgage Broker
These are pretty easy to list:
• Mortgage brokers’ offer their expertise based on your individual financial situation. They will never offer unrealistic deals since they adjust their parameters to work every case based on their unique specifications.
• A professional mortgage broker has full access to information about the ongoing conditions of the market. Their networks operate in real time, and they come up with quick results with staggering efficiency, when trying to find that perfect mortgage for you.
• Professional brokers have access to ‘broker only’ deals, that only they can offer.
• Mortgage brokers handle the hard part of the search job for you, they can work with any lender given the circumstances, saving their clients time and money.
• Expert brokers work fast, and sometimes even at rates that can surprise their clients; their multitasking skills allow them to undertake more than one search at a time. They also do a great job knowing their clients since they usually place offers based on the assessments needed by the lender, such as childcare, proximity to workplace, commuting, etc.
We can't really say that is easier to work on your own if you need a new mortgage, as you can see mortgage agents can do a lot more for you in that regard given that they live for their clients and will get the most suitable and available mortgage for your personal circumstances.