Mortgage Brokers: An Overview
When shopping for a mortgage, many first-time buyers, home owners look to their own bank or a local mortgage broker to help find them the best rates and terms for their circumstances.
Working with a trusted and experienced, competent mortgage broker can help you find the right mortgage first time. However, it is important to research the best mortgage broker for you. How do you know if they are any good? Try and use a recommended mortgage broker, one who has trusted and genuine reviews online. How easy is it for you to contact your mortgage advisor when you need to or want to? Maybe try ringing them on the weekend or in the evening when it suits you. If they do not answer what will the experience be like if there are difficulties?
At Prosper we are available 7 days a week from 9am to 9pm and have hundreds of 5-star reviews.
Advantages of using a Mortgage Broker
A Broker will save you all the legwork.
Prosper Home Loans Mortgage brokers have regular contact with a wide variety of lenders, some of whom you may not even know about. A broker will advise you of lenders criteria, affordability calculations and can also explain why a particular lender or deal should be taken compared to another deal or lender. This will be documented in one of our exclusive mortgage packs for you to keep and refer to.
That said, it is beneficial to do some research of your own before meeting with a broker. An easy way to quickly get a sense of the average rates available for the type of mortgage you're applying for is to search rates online, then use a mortgage calculator. Tools like this will let you compare rates easily and provide you with extra knowledge when assessing a mortgage broker's credibility.
A Broker May Have Better Access
Many lenders work exclusively with trusted mortgage brokers and rely on them to present the client to them with all the right documentation first time. This helps the lender underwrite and agree a client’s mortgage in a quick and timely manner. This helps them manage their own service levels and get the right type of clients they are looking for.
Some lenders do not have the capacity or the time to see clients directly in this COVID climate.
At Prosper we are able to secure special rates from lenders due to the volume of business generated that might be lower than you can get on your own.
- Working with a mortgage broker can save time and effort as well as money.
- A good mortgage broker can help you secure your dream home as we work and speak to the estate agents on your behalf.
- Prosper Brokers know and understand lenders criteria to make sure that your mortgage is more likely to be approved first time. We understand the lenders and mortgage deals that may be available to you.
- Online portal system to give clients real time up dates.
- Prosper Home Loans offers a 9am-9pm service 7 days a week.
- Mortgage protection quotes available on request.
- Prosper Mortgage Brokers will help you improve your credit and chances of getting your agreed. Be mortgage ready.
A Prosper Home Loans mortgage broker is an intermediary between a financial institution (Bank or Building Society) that offers loans that are secured against a property or land.
The dedicated mortgage broker will work with both you and the lender to get you approved for the mortgage. We collect and verify all of the necessary paperwork that the lender needs from you in order to complete the necessary underwriting checks. We instruct the valuation and work towards getting your mortgage offered.
You should use a mortgage broker if you want to take the stress and hassle out of finding the right mortgage for you. Not all mortgage deals are readily advertised as the deals and contracts change daily depending on whether the lender needs to control the volume of deals, they offer.
If you do not have the best credit, self-employed or have something that is unique, or if you just aren’t seeing mortgages that will work for you, then a broker might be able to get you access to loans that will be beneficial to you.
Many clients chose to work with a Prosper Home Loans mortgage broker regardless of their situation because of the service they receive and because of the direct access a Prosper mortgage broker has with the banks and lenders. We may also be able to help you qualify for a lower interest rate than your own bank will offer you.