7 Quick Must Know Tips When Choosing a Mortage Broker (SAVE THOUSANDS)

You don’t want to be missing out on the best deals out there. Sometimes, the best ones can be found with the help of the right mortgage broker. So, why don’t you consider having one? In this episode of the Progressive Property Podcast, Kevin helps you find the right mortgage broker for you. He prepared the 7 things one should look at when scouting. There are benefits that you could enjoy if you mind these tips. You could speed up the application, have more free time, get access to direct-only deals, get away from stress brought by stubborn lenders, and lastly, more free time to do other important tasks. Start listening. One of these 7 key points might have been missed on your checklist, so make sure you’ve got everything on there. KEY TAKEAWAYS ‘A mortgage broker is someone who will review the mortgages available to you based on your personal financial situation and then apply for you in your behalf.’ Step 1: Always use the same broker. A broker always asks for the necessary information and documents beforehand. If you keep switching, then a lot of your valuable time is wasted in doing these preparatory steps. Step 2: Make sure they are a whole of market brokers. There are more choices available for you since they got access to the large market. It’s most likely that you’ll able to land on the cheapest deal when you ask for their help. Step 3: Know what you want. What are you looking for? A residential, a buy-to-let, or a commercial mortgage? Commercial mortgage – retail units, buildings and shops Commercial finance – residential house that has been converted for multiple occupation Step 4: Ask for direct-only mortgage options. These might be the best option. Don’t choose a broker who won’t disclose this kind of information to you. Step 5: Consider which type of broker to use. In case you aren’t aware, there are brokers who offer their services online. It might be hassle-free for some to choose this path, but do the nitty-gritty research beforehand. Always ask what fees and commissions does the broker charge before getting into an agreement. Step 6: If you choose a broker, what should they do for you? Aside from finishing the application, make sure they have a solid coordination with the lender/s. The brokers should be responsible for the transactions and updates for the different parties involved. Step 7: The broker should be qualified to give financial advice. Check with Financial Services Register. If you think you received a bad advice, file a complaint with the firm first. If it’s still unresolved, take your complaint to the Financial Services Register. BEST MOMENTS                  “By staying with the same broker, you mitigate the risk of different information being put forward to the lenders.” If they’re not a whole of market lender, then don’t use them as they won’t be able to get you the best product.” “Brokers have no obligation to tell you about these direct-only mortgage deals so you need to ask them about them.” “You get what you pay for; cheap does that necessarily mean valuable.” VALUABLE RESOURCES Progressive Property Financial Services Register ABOUT THE HOSTKevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.    CONTACT METHOD  Kevin McDonnell Facebook Kevin McDonnell website Progressive Property progressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/