Compare mortgage broker: How to find the best mortgage advice

 Compare mortgage broker: How to find the best mortgage advice

 Compare mortgage broker: How to find the best mortgage advice

However, a qualified mortgage advisor can help you find a mortgage with a low level that suits your finances and guide you through the document.
Thanks to the Internet, we can compare mortgages online. We are also bombarded by advertisements from the high street banks offer different mortgage. It may seem strange to pay an extra fee to go to a mortgage broker - also known as a mortgage advisor - for help.
When lenders tighten their rules, a good mortgage advisor can also help you jump through hoops and in some cases find a mortgage for you that you can not apply to direct. Since April 2014, lenders and brokers should offer you advice if you go to them for a mortgage.

Finding a mortgage broker: The Do's and Don'ts

DO's

      Ask how they are paid: Some companies will charge you in the front. Others will receive a commission from the lender. Your adviser should tell you the full direct costs. Money Advice Service has more guidance on the cost of mortgage brokers
      Select independent, the entire mortgage broker market: It means they have access to the widest possible range of mortgage deals.
           Keep compare: You may still be able to bag a cheaper deal by going directly to the lender, especially if you already have a bank account with them. You can check out some of the lowest rates around here, and the best deals for a deposit of 10% and 5% deposit here.
Check your mortgage adviser is properly qualified: They should be in the Financial Services Register - You can search here.

DOnt's

      Taking the first counselor you see: You can compare advisors use the directory as Unbiased.co.uk, guaranteed or Findanadviser.org. Be aware that large companies will have more resources and are often more ability to influence the decision of the lender.
Letting estate agents bully you into using their advisors: There are special dirty tricks where you will be told you have to use a broker in the house, or the price will go up. It is against the law, as a point 7c Code of Practice for Residential Estate Agents make clear.
Get taken by the sales patter: Mortgage Advisor will often try to sell other products, such as insurance. It could be a good plan - if you are the only breadwinner you do not want to leave your family in the lurch when the disaster happened.
      Tempted by the 'advisor' offer self cert: There are some rogue websites promising schemes are too good to be true, such as self-cert mortgages (public before the financial crisis). You can find out quickly if the adviser is fraud by finding them in the Financial Services Register.

mortgage broker

   mortgage broker

 A mortgage broker acts as an intermediary broker mortgage loans on behalf of individuals or businesses.
 Traditionally, other lending institutions have to sell their own products. However, as the market becomes more competitive for mortgages, mortgage broker's role has become more popular. Today in most developed mortgage markets (especially in Canada, USA, UK, Australia, New Zealand and Spain), mortgage brokers are the largest sellers of mortgage products for lenders.
 The majority of mortgage brokers regulated to ensure compliance with banking and legal atkeuangan in the area of consumer law; However, the extent to which these regulations depending on the jurisdiction. Only one state in the US do not have laws governing mortgage lending.
 Mortgage brokers find a bank or lender directly that an individual seeks to individuals looking for a particular loan. Mortgage brokers in Canada are paid by the lender and does not charge for good credit application.

 Task mortgage broker

 Banking activities can be divided into the following:
 Retail banking: dealing directly with individuals and small businesses
 Corporate banking: directed at large business entities
 Banking business: providing services to mid-market business
 Private banking: providing wealth management services to high-net-worth individuals and families
 Land mortgage banks: it specializes in originating and / or serve the land mortgage loans
 Investment banking: with regard to the activities in the financial markets

 Central banks usually state-owned banks, which are often charged with quasi-regulatory responsibilities, such as supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as a lender of last resort in the event of a bank krisis.Kebanyakan generate profits, private companies, however, some are owned by government or non-profit.

 The nature and scope of activities of mortgage brokers vary by jurisdiction. For example, people who offer mortgage brokers in the UK offer regulated financial activities; broker is responsible for ensuring proper advice to the situation of borrowers' and financially responsible if the advice is later proved to be defective. In other jurisdictions, transactions by brokers may be limited to a sales job: pointing the borrower to the lender the right direction, there is no advice given, and collected a commission for the sale.

 Therefore, the work done by the broker will depend on the depth of services and their obligations.
 Usually the following tasks performed:
  state assessment of borrowers (Mortgage fact finding interview forms) - this may include assessment of credit history (normally obtained through a credit report) and affordability (verified by documentation of income)marketing to attract clients
assess the market to find a mortgage product that suits the client's needs. (Presentation Mortgage / recommendation)
 collect all the necessary documents (paystubs / payslips, bank statements, etc.)
 apply for creditor approval in principle (pre-approval)uphold their duty to their clients save as much money as possible by offering the best advice to a client state
      fill out an application form lender
      explain the law
      submit all materials to creditors

 Mortgage brokers in the US

 According to a 2004 study by the Wholesale Access Mortgage Research & Consulting, Inc., there are approximately 53,000 mortgage brokerage company that employs about 418 700 employees and derives 68% of all housing loans in the US. The remaining 32% is done through the retail channel retail lenders, which means the lender is not through a broker.
 During the loan process, which collects the broker and process documents relating to the mortgaged real estate.
 Mortgage broker industry is regulated by federal law 10, 5 and 49 federal enforcement agencies state laws or licensing board.

 Banks have used brokers to outsource the job finding and qualifying borrowers, and also to outsource some liability for fraud and foreclosure to the originator through a legal agreement.