Purchasing a property in Hampshire is not as easy as just walking into a store and paying for a piece of jewellery from your purse. Are you borrowing money for the first time and do not have an idea of all the nitty gritty details of getting a mortgage loan? Instead of buying a home through a bank or a lender, do you wish to go through a Mortgage broker to help make the process smoother? Then you’re at the right place.
At Remortgage Fast, we have a team of well trained professionals who take your needs into consideration – to make sure it matches with a loan from any lender. We cover a variety of lenders and our brand is accredited by relevant bodies. That’s why we go the extra mile to provide you with expert advice when taking a loan or even when you wish to remortgage your home.
No matter where you are in Southampton, Portsmouth, Basingstoke, Gosport, Andover, Waterlooville, Aldershot, Farnborough, Fareham/Portchester, Eastleigh, Havant, Winchester, Fleet or Petersfield, Remortgage Fast has got you covered. Call the number at the top of the page and one of our experts will be available to answer your queries.
Regardless, here are tips to help you identify and work with the right mortgage broker when you want to mortgage or remortgage your property.
Get Recommendations and Carry out your own Research
When you need the services of a mortgage broker, you can start by asking your friends, colleagues, and realtors to recommend one for you. Your friends that own houses might have been in a situation just like yours and will direct you to the broker that helped them handle their. Real estate agents are also likely to have lots of partners in the mortgage brokering business who they have worked with for a while. Their recommendations will make your search less stressful. It even comes with advice on how to make good use of the information you get. Therefore, get as much contact information as possible.
While talking to your friends and real estate agent, ask them questions like “did the broker meet up to your expectations?”, “why didn’t you use a mortgage lender instead?”, “what are the benefits of using a broker?”, “is the broker you are recommending credible and reliable?”. This will help you in making an informed decision.
When you have gotten recommendations, you can check them out online. While browsing through the web, you should also look at the portfolios and profiles of other mortgage brokers. There are those who are willing to give you a free advice, quotes and so on, research on their reviews and reputation. Find out if they are linked to a bigger company or if they work on their own.
You also need to know if any broker from the list of prospects you wish to work with is being punished for breaking any rules or code of conduct. Many countries have a mortgage licensing bureau that provides you with such information.
Do not just jump on any unsolicited advertisements. There are brokers who just publish rates that does not reflect what the market says – in order to get customers. Since the real estate market fluctuates like the stock market, you will need a broker who’s up to date with the latest rates. Therefore, be wary of any ads you see on posters, leaflets, emails or texts. It’s in your power to choose a mortgage broker, so do not feel persuaded to go with just any one.
Interview Your Prospective Mortgage Brokers
Once you have a list of about 3-5 brokers, schedule an interview with them separately – but it’s ideal to conduct them within a week or as spontaneously as possible. Draft all the questions you would like to ask and get as much information as you can about them – from experience in the industry to foreclosure and so on. You can ask the questions in different ways to the different brokers, to easily compare the information you have.
Ask them how you can apply so that you will have an idea of whether the process is tedious or simple. Latest technological advancements has made it easy for brokers to carry out transactions in their online portals. So when you want to get a house loan for example, ask them about debt-to-income ratio, down payment, credit score, closing times and so on. If there are documents you need to provide, they should let you know as well.
However, do not apply for several house loans at a given time. If your loan application last for a duration of more than one month, it might affect your credit score negatively. Besides, you might get confused on the details of each loan application.
Ask Questions and Provide Necessary Information
While interviewing the potential brokers, ask the about fees and rates. Since mortgage brokers make a profit from connecting homeowners with mortgage lenders, it’s only right for you to know the rates – so you don’t lose money to a broker that has only their own best interest at heart. Find aboit the percentage per point, real estate agent commission and any other fees – to make sure you’re getting the best out of the deal as well. Stay away from any broker who insists you go with a particular option. Those who offer you a range of options, find out details about each option they give you. Ensure you have a good understanding of the brokerage, fees, commission and points before you choose a broker. Ask them to explain it to your properly.
As you inquire for more information, be on the lookout for a broker who asks lots of questions as well. They would ask about your goals or plans for the remortgaging or the house loan, your financial history, previous properties, credit scores, your income and even your marital status. Only a broker who wants you to be on a safe side will be concerned about such.
Would rather work with a broker who’s just after their cut and doesn’t care if you get short-changed at any point? Or one who’s just talking about rates and lenders without finding out if you’re capable of paying the loan or if your remortgaging decision is a wise one to take at that particular moment? Since they are the link between you and the lender, they will want to provide you with the ideal rate to fit your needs.
Inquire about credit scores. What happens when you have a Low credit score? Will you still be eligible to get a mortgage loan if your credit score is below average? Are there any premiums you need to pay? If the broker asks about your credit score, be honest – as it will help to you get better information and deals.
Deciding on What Mortgage Broker to Use
Get a mortgage broker you can trust to guide you through the loan application or remortgaging process. Be sure it’s a broker you can trust and rely on. A broker you are comfortable working with. Go through the notes you took down while interviewing them, review their answers and look out for the broker that provided you with more generous offers, detailed information, related with you on a personal level and answered all your questions to your satisfaction.
Do not rush into deals or low rates. Consult a financial advisor before making any decisions. If you’re remortgaging a house in Southampton, Portsmouth, Basingstoke, Gosport, Andover, Waterlooville, Aldershot, Farnborough, Fareham/Portchester, Eastleigh, Havant, Winchester, Fleet or Petersfield, you will need a broker who understands the area and knows the rates in or around Hampshire. At Remortgage Fast, we help provide you with best rates, and also align what you can afford with the ideal lender and property. Fill out our contact forms to get a quote or even more advice!