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5 Reasons to Work with a Mortgage Broker

Why work with a mortgage broker instead of going from bank to bank alone? Because an intermediary or credit broker is up to date with all the information from the banking market, in real-time. Because a credit broker can provide you with accurate and complete information, help you understand which offer is right for you and can offer you customized solutions. What are the advantages when working with a broker and wanting to access a mortgage, or a personal loan or do you want to refinance?

The mortgage represents the guarantee that the financial obligations towards the bank will be paid, through the real estate from his patrimony, namely legally designated for this. In short,  the mortgage is a real estate guarantee, consisting of an accessory real right over a debtor's real estate. It is considered that the properties with a mortgage are sold for 10-20% less than their market value, this is because there are certain restraints of the buyers, the main cause being the ignorance of the functioning of the banking system.

What is a mortgage broker?

The mortgage broker is a professional intermediary who facilitates the lending process between the client, a natural or legal person, and his partner financial institutions. In small words, is a professional who helps you get a bank or non-bank loan. Its role is to advise you in choosing the right loan for you and to support you in the process of approving the requested loan. This is because he has access to a larger number of financiers and can offer you more suitable solutions. Especially in situations where your situation is more complex, such as when you are not an employee and only have income from dividends, etc.

If you choose to collect information yourself, you will waste valuable time and even in these conditions, there is a low chance of correctly identifying the bank and the product that suits you. A credit broker mediates the lending process between clients and banking and/or non-banking institutions. The broker understands your need for the purchase of a property, what conditions you meet, and, depending on these, identifies the most suitable financing solutions, helping you to make the best choice for you. He will explain to you the banking terminology and everything essential to make the right choice. The knowledge, contacts, and professionalism of the credit broker are at your service!

What do you gain by working with a mortgage broker?

1.    Gained Time

A mortgage broker has the experience of several credit files as well as an overview of all bank credit offers, which means that he can correctly and quickly identify the bank or banks that can grant you the loan you need. The customer who chooses to look for the right bank alone will try a maximum of three offers until he decides on one of them. Without fully analyzing the credit market, you will access a loan even though there may be better costs. By visiting a credit broker such as UK Moneyman  you can find out in 30 minutes if you qualify and what are the best offers.

2.    Larger Amount

How can you get the highest interest, with the lowest costs, and in the shortest time? It's simple: get in touch with a credit broker. One mistake many people make when they take a loan is to go to the bank where they opened their current account and take a loan from them. Without doing short market research to see what other options they have.

Well, because a mortgage broker works with several financial institutions, it can help you identify lower interest rates and generally better terms.

Also, under certain conditions, he can negotiate for you certain terms and costs to get the best loan.

3.    No nerves and Stress

It's time to dump her and move on. Access a loan through a broker, at the same costs, without analysis and consulting fees, and you will avoid unpleasant situations. Whether we are talking about additional documents, extra roads, missing signatures on documents, unfavorable assessments, or even the rejection of the credit application, we eliminate, as much as possible, these risks. And at no cost.

4.    His Services Are Free of Charge

The commission that you have to pay for all the services that a credit broker offers you is zero. This is because the broker is paid with a commission by the financial institution that offers you the loan. In other words, you benefit from his time and expertise without paying anything. Even the preparation of the file is free. Why is this service free? Because the loan broker helps the financial institution to get customers. The bank saves effort, energy, time, and human resources, choosing to work with a credit broker to whom it offers a commission.

5.    He Helps You Prepare Your Credit File

The mortgage broker helps you or even prepares your credit file - when applying for a loan, you need to make certain documents available to the financial institution. Sometimes specific documents are needed, and poor communication between the institution and the applicant can cause delays. If you turn to a credit broker, he will know which documents you need, so that, at the time of application, the process can proceed smoothly. You will be protected from certain "traps" - many people are concerned about the existence of "hidden clauses". To avoid this, the loan broker is with you in reading the contract and helps you to understand the confusing aspects.

A mortgage broker or credit counselor and his services can make the difference between approving a loan or rejecting it. Moreover, the western and local practice, especially in the big cities, shows a significant increase in the percentage of clients who turn to a broker. Why? Because it has partnerships with most banks, it does not charge a fee for the services offered and can offer correct and complete solutions to your customer profile. 

As the traditional banking system is changing, migrating to online, alternative sales channels, but especially partnerships with credit brokers, become necessary.

Publication: 22 April 12:08

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