How mortgage brokers find the best rates
The job of mortgage brokers is to find the best deal to appeal to both lender and borrower; working hard to find the best rates to close a sale.
10:32 24 July 2013
Now is perhaps the best time to buy a home in the UK. Before making a purchase, you need to decide if you’re going to use mortgage brokers. These are the people or companies that bring together lenders and borrowers. Working with them when buying a house is proven to be beneficial.
Mortgage brokers do not make money unless they secure a contract between the borrower and the lender. This forces them to do their very best to wok on a specific deal that will appeal to both parties.
What they usually do is they shop around. They take information from the borrower and get information about the home supplied by a real estate agent. They will then approach several lenders to get mortgage package offers. They continue to do the whole process until they get the best rates.
Mortgage brokers usually get the best rates because they have already established professional relationship with some lenders who are more than happy to offer them with great interest rates to encourage brokers to keep on giving them business.