Usually clients are busy people who don’t want to spend their precious time searching for the best mortgage deal but still want the best deals available. They do need a qualified professional such as a mortgage broker they can trust to review the market and to look in detail at their circumstances. A mortgage broker can and provide them with full mortgage information, the most competitive and suitable loan product, especially in the atmosphere of today’s mortgage market which is becoming increasingly complex and not easy to contend with. A mortgage broker’s expertise can help clients to make substantial savings & secure the most competitive & appropriate loan product.
The majority of mortgage brokers are real experts & hardworking professionals, who help borrowers to get better mortgages and benefit.
Mortgage brokers can help clients who are looking to arrange a residential mortgage for their home, to buy and let / to finance an investment, self-employed clients or clients who have a bad credit history. They act as the intermediary between the banks and the consumers during mortgage transactions.
A good mortgage broker will be able to advise clients as to how much they can borrow, how much their mortgage could cost & also how much could be saved by the clients. The mortgage broker will provide clients with the various tools necessary to make educated, intelligent decisions.
Mortgage brokers will also help clients fill in the application form, they will deal with the lender on clients’ behalf and, should clients need to settle really quickly, the mortgage broker can use his or her best efforts to push the deal through. The mortgage broker can also prepare individual repayment plan for clients which enable them to budget better.
Unlike a lot of banking institutions, which usually ask potential clients only predetermined questions and then, depending upon clients’ answers, provide them with information about their own products ( as opposed to a competitor’s mortgage product that may better suit these clients) a mortgage broker takes a completely different approach – the mortgage broker will search the whole market and will have access to thousands of deals.
Different mortgage brokers have different working styles but many of them are time-flexible and can visit clients in the evening or on weekends. Clients can also contact mortgage brokers or visit them when it suits them best. Banks usually do not have such flexibility.
If clients have atypical circumstances, bad credit or no credit, some other credit problems, bankruptcies or foreclosures, they will be able to really benefit from the advice of an expert who has a deep understanding of the mortgage market & deals with variety of lenders, some of whom may be able to assist. Since the recent global credit crunch (which was primarily brought about by irresponsible sub-prime lending in the United States, lenders in the “bad credit” market have exited as they have not been able to generate funding for this high risk area of lending.
If on the other hand you simply do not have your tax returns in order then your mortgage broker will access “LoDoc” funding which is still available through a number of lenders. The lending ratios for LoDoc have however been reduced, with most lenders only lending to 60% of the value of the security offered.