When you have chosen a reliable mortgage broker, you have to ensure that you will make the most out of the professional services provided to you. Often house buyers are under too much stress and this may lead to costly mistakes. You would not want to end up in such a situation. Use some practical advice on how to make full use of the specialist services provided to you.
Make sure that you can select from a range of options.
You can expect an experienced and reputable mortgage broker to work with a large number of lenders and to offer a variety of loan products including home loans backed by the government. The more products there are the higher your chances of finding the best one will be. You should be able to select from different options which match your requirements precisely. This will give you the flexibility which you require as a borrower. Just keep in mind that the broker cannot make the final decision for you. You are the one who is solely responsible for this.
Be completely honest.
The job of the mortgage broker is to negotiate on your behalf. The specialist will use his knowledge, skills, experience and personal contacts to make sure that you get approved for your preferred loan amount available at a rate which you can afford to pay. If you provide false or misleading information, especially about your income, debt and credit history, you will automatically reduce the bargaining power of the broker to the lowest possible minimum as no lender would like to deal with dishonest applicants.
It is best if you share all details about your income, debt and credit history. That way, the specialist will be able to develop a negotiation strategy which will emphasize on your strengths and explain your weaknesses as an applicant. This will give you the highest chances of securing a good deal.
Use the tools and analysis provided by the broker.
The modern specialists work like financial advisors rather than like loan officers who give you a single option that you have to accept or reject. They will analyse your current financial situation and your ability to borrow. They provide free tools which help you calculate the affordability of different loans and properties. Use the analysis and tools to select the best financing option given your long-term plans. With careful planning, you will get the best house and pay affordable monthly instalments while lowering your risk of default to the lowest possible minimum.
Finally, you should not feel obliged to accept an offer provided by the mortgage broker. You are the one who makes the final decision.
By Adam Gardner