Choosing A Good Mortgage Broking Service
A good mortgage broking service can provide borrowers with many benefits and advantages. The trouble is – which mortgage broker to choose?
Here are some of the important characteristics you should look for when accepting advice "from strangers" about a major asset such as your home and a major commitment such as your mortgage.
Are they independent?
Being independent means that the broker is not tied to just one or two lenders or is not influenced by the fact that some lenders pay more than others for mortgage applications. Ask how many different lenders they have submitted applications to in the last three months? Ask whether the broker knows what the different lenders pay them for successful applications and whether some lenders pay more or offer other inducements for business?
Do they provide real choice?
Often brokers will tell you they represent twenty something lenders and "that this is the best mortgage for you", but how is this decided? It is important for you to be shown which lenders you qualify for, and if you don’t qualify, why not. This way you know what your genuine options are and you can then select the mortgage that best suits your needs – not somebody else’s.
Is it a free service?
Major residential lenders pay about 0.65% of the loan amount, normally up to some maximum amount, for successful mortgage applications. This is why mortgage broking services are free to the client or customer. You should not be charged any additional fee by the broker and especially not if they promote their service as "free". If you are being offered some form of mortgage elimination or rapid reduction scheme, be particularly careful. Some brokers seek to charge $3,000.00 or more (plus what they receive from the lender) for these arrangements. In most cases such schemes will not be in your best interest but if one is, then it can normally be set up at no cost to you other than the lender’s normal charges, if any.
Advocate Financial Services Limited
Having made our own careful assessment, we recommend to you the services of Advocate Financial Services Limited. It provides a free mortgage broking service we believe you can trust.
Advocate can help you save time, money and frustration with a number of FREE reports and services. These include:
- Your Guide to how much you can borrow.
- Mortgage Pre-Approval Service.
- Your guide to saving interest.
- The Right Mortgage Guide.
- Mortgage Protection Insurance service.
- Guaranteed free service – just normal conveyancing costs and lender charges (if any) apply.
To find out more about this service and the free and informative mortgage reports contact Advocate Financial Services Ltd at Ph: 299 9094 or consult us.