Perhaps the best thing about hiring a mortgage broker is the fact that, besides getting you the best rates, they also get you a host of stellar rates and services to choose from. Mortgage brokers have a number of connections and contacts with a number of lenders, and, with their professional experience and expertise, help you choose the one most suited to your needs.
Until recently, most mortgages were taken directly from the bank or a residential society, although there has been a sharp decline of these in the last few years. This has led to a consequent rise in mortgage brokers being hired by prospective homeowners to help settle their loans – an international statistic suggests over 60% home loans are now being taken through a broker, and the number is only stipulated to rise. Despite this, there is growing concern regarding the intervention and role of intermediaries, and whether these lead to a cutting down of charges and rise in convenience, or if it is counter-productive.
This brings us to the eternal conflict between whether to opt for a bank or hire a mortgage broker. The most striking advantage a mortgage broker has over a bank is definitely the many choices they can allow you to pick from. When you take a mortgage from a bank, the only loan options available to you will be those the bank offers, and might not be the most suitable for you. In the case of mortgage brokers, however, you get a variety of options to choose from, and once you finalise upon the loan most suited to you, the broker takes care of most of the formalities, which you would have had to otherwise.
All things considered, therefore, a mortgage broker will end up making you a profit and a good experience overall.