What exactly are the benefits of a Mortgage Broker?
Making the decision to buy your first home is more or less the most important financial decision you are going to make. So it is really important that you take your time, look at your options and finances in order to make an informed decision about what mortgage would suit you and what you can afford and your options.
There are many factors to a mortgage. The cost, what can you afford, where do you want to live, what package is best for you, which mortgage lender to go to and much more. These are just some of the factors to consider when it comes to a mortgage.
Now unless you are very lucky, you will require a mortgage in order to achieve your first home and approaching a bank or building society can be very daunting to a first time buyer and even to some who aren’t buying for the first time, especially in the current economic climate.
Sometimes you might not know what to say or what questions you should be asking. Of course the internet can help you with some of these questions, but it can be very hard when the mortgage lender is sitting in front of you and you don’t have access to the internet. This is because it is effectively you against them and they working in the business will have the upper hand, so it pays to have someone on your side.
This is where a Mortgage broker comes in handy. A good mortgage will keep you informed on all of your options, the best ones suited to your needs and requirements and will help and advise you on decision from the small ones to the big ones.
So What Are The Main Benefits?
Well other than what I mentioned above, a Mortgage broker will have an initial consultation with you, to help decipher if you are ready for a mortgage application now, the worst thing you can do is approach a bank when you aren’t ready.
It is better to know now, and then be rejected later at the application stage. A bank’s database can be a tricky enemy, because if you make an application when you aren’t ready, then all of your details will be recorded on the banks database and that might throw a wrench in the works for any future mortgage applications.
If you aren’t ready however, the good mortgage broker will help you prepare so that you can apply for a mortgage at a future date where you are in a stronger position.
From our experience many applicants that come in aren’t ready to go ahead with a mortgage application simply because they don’t have proof of repayments. The best advice you can receive is to see your mortgage advice broker six months prior to applying, simply because many people who aren’t ready now, can be in six months once they receive the right advice.
Getting the correct advice is KEY to a mortgage success story!
Secondly a mortgage broker can take the hassle out of the application process. When you are ready, you mortgage application will be packaged and presented to a mortgage lender to give you the best chance of getting a mortgage that you need you.
A good mortgage broker will follow up on your application, so that you can get the quickest response possible. Getting a speedy response can be the difference in getting or losing out on a property.
Thirdly, with a mortgage broker, you have a point of contact! From the first time you call them up to right when you get the keys to your new home. There is nothing more frustrating calling a bank, to talk to Peter, to talk to Paul, who forwards you to Emmet and then to Emma all of which don’t know how to answer your question and will get back to you whenever it suits them.
Having a single point of contact for all your mortgage and insurance queries whether it is face to face, by phone or email is priceless!
And if that wasn’t good enough, Mortgage brokers will SHOP AROUND! We are 100% focused on getting you the best mortgage possible and making the process as easy and understandable for you as can possibly be.
We are mortgagesdirect.ie credit ourselves in delivering a first class service. Feel free to contact us with any questions you may have.