Are mortgage brokers good? The shocking truth!

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Are mortgage brokers good? Yes, some are very good!

Are mortgage brokers good? The answer is YES, there are some very good mortgage brokers! Furthermore, as a general rule going to a broker is better than going direct to the bank. This is true even if you already know which bank you want to use. This is because a mortgage broker will look after you through out the process instead of leaving you up to the bank’s ‘system’. Moreover, with a good mortgage broker, like Oak Laurel, you get ongoing service so that if things change we can help you stay getting a great deal.

Advantages of using a mortgage broker

The advantages of using a mortgage broker include:

More choice of lenders and therefor more choice of loans than visiting a bank.

Bank staff can only recommend the loans that their bank has to offer so may try to convince you to get a product that does not suit you of is not as good as a loan at another bank or lender.

A good broker knows what the banks will not tell you about themselves so you can benefit from their advice.

A good broker will provide better service that what you get going direct to the bank and being pushed through the banks process.

Good brokers can have power in the bank system as the bank will not want to loose other deals by letting down the broker. If you are a single customer they are not as concerned as if they let down a broker who can send them lots of customers.

The loans do not cost any more if you use a mortgage broker.

Mortgage brokers provide a free service most of the time.

The shocking truth about using a mortgage broker vs going direct to the bank or lender!

The shocking truth about using a mortgage broker vs going direct to the bank or lender is…. By going direct to a bank, borrowers are cutting down their options to a small fraction of what they could have using a mortgage broker! Just based on probability, you are probably missing out on the loan that best meets your needs.

Are mortgage brokers good? They are if you use a good one!

So, are mortgage brokers good? Oak Laurel mortgage brokers certainly are!

 

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Are mortgage brokers free?

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Are mortgage brokers free? The answer is Yes & No

A common question that people have is “Are mortgage brokers free?” The answer is Yes & No. It depends on the mortgage broker and the situation.

Some mortgage brokers are free, in fact many are free. This is because the lender will pay a commission for the broker settling the loan. However, other specialist mortgage brokers will charge a fee. Furthermore, some mortgage brokers are free in some such as a standard home loan but then charge a fee in other situations, usually if the loan amount is small and/or the loan is complex and time consuming to arrange. Cash back brokers charge a fee but then give you back the commission. The fee structure of these brokers makes the fee similar to the amount of commission that the broker would have received.

Specialist mortgage broker

A specialist mortgage broker or finance broker is someone that has specialist knowledge in a certain area of finance. This could be a specialist development finance broker. They have specialist knowledge in that area, meaning that you are most likely to get a better result than if you just use a run of the mill broker. However, often these mortgage brokers are not free. They can charge an upfront fee that is usually a small % of the loan amount.

 

Small or complex loans

Mortgage brokers are usually paid a commission from the lender for settling the loan, the commission is a % of the loan amount. If the loan is small then the commission amount will also be small and be not worth the time it takes to arrange the loan. A similar situation occurs if arranging the loan will be time consuming and complex. In this case the mortgage broker may charge a fee to compensate them for the time to arrange the loan.

 

Cash back mortgage brokers

Cash back mortgage brokers give you back the commission but then charge you a fee (of a similar amount to the commission) to arrange the loan. Some people like this approach but it really does not make much difference to the client. In fact it can just cloud the fact that they broker is not really doing a great job for the client.

 

Need a good mortgage broker?

A good mortgage broker like Oak Laurel has a great team of mortgage brokers. Usually they don’t charge to arrange your loan but if they need to they will tell you what the cost will be in advance! Contact Oak Laurel today!

 

 

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