That’s the golden goal, isn’t it? To find a reliable mortgage broker that can help you find your dream home. But of course, it’s not just about being able to find the perfect house, it’s being able to afford it. There are some mortgage brokers out there who will do everything that they can to get you the most attractive possible deal. Whereas others are quite clearly more concerned about making themselves some money.
In this post, we’re going to share some tips on how to seek a reliable mortgage broker, so that you can easily avoid the untrustworthy agencies and individuals.
1 – Do some serious research
We understand that you’ll want to try and speed the process up as much as possible so that you can get moved into your new home. However, we would highly recommend that you exercise a little patience and take your time.
Doing your research can be the difference between an incredible deal, and an overpriced and ridiculous mortgage that you’re stuck with. So, slow it down!
2 – Make sure that your credit score is decent
Rushing in and buying a home with a poor credit score is not a wise decision. You should bite the bullet and continue renting until you’ve managed to get your credit score up to scratch. There are many ways that you can do this. Be sure to take your time and do this prior to seeking out a mortgage broker. A seriously strong credit score will give you much more bargaining power when the time comes, and you’ll need it.
3 – Compare rates from a number of different lenders
Again, don’t just go for the first one that you see, even if it feels like a good deal. Have a shop around and compare as many different rates from various lenders as you can. This is a great way to look at the mortgage lending landscape and to see what you’re dealing with. Additionally, you’ll likely find that what you thought at first was an attractive deal, was indeed not.
Don’t forget to read the fine print and ask the right questions. If a rate is so low that it feels too good to be true, then they might be trying to sting you in other areas. For example, hidden and incredibly high fees.
Before you make any decisions or sign any documents, you must read the fine print. This isn’t like buying clothes online or signing up to a new email account where we all simply click and confirm that we’ve read the T’s and C’s. In fact, this might just be the one time in your life where you almost certainly need to read them! That way you can ensure that you are entirely aware of all fees that are involved with your prospective mortgage deal.
Provided that you take your time and shop around, you really shouldn’t run into any issues. Just make sure that you follow these steps and be strong. Bargain as much as you can and remember that if you have a mint credit score then you’ll be in a position to do so. In any case, we wish you the best of luck with the hunt for a new home!