How to Choose a Mortgage Broker
When securing a mortgage finding the best deal could potentially save hundreds towards your monthly payments. A mortgage broker can get a fantastic deal for a mortgage and help save thousands, so it’s often a worthwhile investment, providing you choose the best broker to secure your mortgage!
Here’s some tips for how to choose the best mortgage broker:
Do your research
You can find a great mortgage broker online with a bit of research, so be sure to start here to check for potential candidates. Search for ‘mortgage broker near me’ in Google to a find a nearby practice, as this is the best bet for finding a broker than knows your local market, which is important for getting a good deal.
Are they paid by commission?
You can either do this during the research phase or simply contact them directly to find out their fees. Most brokers are paid by commission of the loan amount by the lender, typically 0.35% of the transaction value, but this won’t impact the overall fee of your mortgage.
Do they charge a fee?
There is also change that the broker will charge a flat free on top of the commission, although some charge a fee and waver the commission entirely, while some let you choose between both. Never go with a broker charging more than 1% and consider if their rates could pay for themselves in the money they could save on your mortgage
Always ensure the broker is suitably qualified! Not all come with the same level of qualifications, and some don’t even have any, so always look for a qualified broker as they are more likely to provide the best service possible.