Where to Find Your Mortgage
Are you wondering where to find your mortgage? If you are, you should know that you have several options. While your mortgage will come from a lender, you do not necessarily have to do your shopping directly with the many lenders offering these services. Here are your options when it comes to getting a mortgage.
Working Directly with the Lender
One way to get a home loan is to choose your lender on your own. You can visit several banks, Building Societies, and other financial institutions that offer loans and ask them what they can offer you for your particular situation. You can also call the lenders and ask for mortgage quotes over the phone. Many lenders offer these services online as well.
If you decide to go through the lenders directly, make sure you shop around, because each lender is only going to show you what it has to offer. You need to make sure that you have the most affordable loan before you sign any contracts.
Working Through Your Real Estate Agent
Another way to get your loan is to work with your real estate agent. Many agents offer mortgage advisory services. You may want to go this route to save some time and hassle. However, there can be a real cost involved with working through your estate agent to land a loan.
Some estate agents work as independent brokers, which means that they shop around to get you the best deal. However, some only work with one or two lenders. This means that you could be spending thousands of pounds more than you should on your loan, simply because you did not know there was a better offer available.
If your agent is pushy and tries to get you to use a specific mortgage, you probably want to avoid doing so. This usually means the agent stands to gain a lot after you sign the mortgage deal. You will likely find a better deal elsewhere.
Shopping Online
You can also shop for your mortgage online. Many independent websites are available that will allow you to shop several lenders in one place. All you need to do is make a mortgage enquiry, and you will see many quotes from reputable lenders. Some of these sites are run by mortgage brokers, but they can still save you time as you begin the search for your loan. You can use a broker-run site to connect with a mortgage broker and begin shopping in earnest for your mortgage.
Working with a Mortgage Broker
If you choose to work with a mortgage broker, you should be aware of the fact that there are several types of brokers. Tied brokers only work with one lender. Multi-tied brokers work with several lenders, but not all of them. Both of these options will not get you the best deal, because these brokers will not be shopping through all of the mortgage offerings for you. An independent mortgage broker is the best choice, because these individuals have experience in the mortgage industry and use it to shop for the best mortgage for you.
Mortgage brokers will charge a fee. This could be an hourly fee or a commission on the mortgage when you choose one. This must be disclosed to you in full at your first meeting with the broker.
If you are looking for a mortgage broker, start by talking to people around you who have recently worked with one. You can get a feel for whether or not they liked that particular broker. You can also use online services to get in contact with qualified brokers in your area. If you are unsure about the broker you would like to use, contact several to see which one will offer you a good price on brokerage services.
Working with an Independent Financial Adviser
Independent financial advisers will help you with all aspects of your personal finances, including your mortgage. Independent financial advisers, or IFAs, must follow stringent qualifications in order to practice, which helps ensure that you are getting good advice.
You can find an IFA the same way you find a mortgage broker. However, when you are looking for recommendations for an IFA that can handle your mortgage, make sure you are getting recommendations from friends or family members who used their IFA to get a mortgage. You will probably pay an hourly rate or a commission when you work with an IFA. Again, you must be told what the fees will be when you have your first meeting with the adviser.
To check if your IFA is a good one, make sure that the individual is truly independent. Also, ask to see the IFA’s qualifications. The most important qualification is the Financial Planning Certificate, and this document is required by law. Do not use an IFA that does not have one, because this person is not qualified to help you with your mortgage.
