The main advantage of mortgage intermediaries is that they save time.
When contacting a mortgage specialist, the client will not need to bypass several banks or study their sites in order to find out the requirements, the list of documents, prepare several sets, and then personally carry them to each bank. The mortgage broker, firstly, will file an application on behalf of the client to several banks, and secondly, will coordinate his candidacy with the lender.
Time, as you know, is also money. Therefore, it is much more convenient for very busy, but well-earning people to outsource the routine work to specialists. During this time they will receive more profit at the main place of work.
Another important plus is market knowledge. There are hundreds of banks operating in the mortgage market. You will find yourself trying to find the most advantageous offer yourself, you will spend a lot of time, but still you will not find what you need. A professional de knows all the programs of banks, in the course of all the new products, discounts and seasonal promotions, so he can find the best offer. And thereby save you much more than you spend on its services.
An important issue is a conflict of interest. It is almost impossible to check how independent a broker is. Many of them cooperate with banks, that is, they actually act as their agents and receive a commission for each customer brought (from which, by the way, they also take money). Therefore, it is not a fact that the mortgage broker will offer you the most optimal program. Rather, it will be the product that is most profitable for him. Therefore, blindly trust the professionalism of the intermediary is not worth it. All the same, you will have to take the time to understand the nuances of various banking offers in order to understand which of them is the most profitable.
Finally, personal data. After all, to get a loan, you need to provide a lot of documents to the bank (copies of a passport, proof of income, etc.). If you give it all directly to the bank, then the risks are minimal.
This is enshrined in law. And if the same documents are first received by a mortgage broker who takes them to the bank on their own, then the risk of data leakage increases.
FOR THOSE WHO HAVE A BAD CREDIT HISTORY
Business loan brokers are fairly widespread. This sector is very actively developed. And the majority of customers are looking for offers through such intermediaries. The number of credit transactions through brokers is more than 60% of the total.
As a rule, only two categories of citizens turn to credit brokers. Firstly, those who really have no time and do not understand financial products at all. Secondly, problem borrowers. Which have already appealed to several banks and they were refused, because they either have an unofficial salary or a completely damaged credit history. In such cases, the credit broker finds a point solution for a very complex client.
On the market there are more successful intermediaries – realtors. Practically not a single transaction in the real estate market can do without the participation of these people. Many agencies have already begun to offer mortgage brokerage services. Someone takes a commission for it, and someone does it for free – as an additional option for the client.
Very often, the choice of apartment buyers who decide to apply for a mortgage independently is affected by the history of its interaction with a particular bank (for example, the presence of a payroll card in it), attractive rates on an advertising banner, or simply brand awareness. Even after the lender announces the real price of the mortgage, the client in some cases remains at his decision and makes a mistake. By contacting a mortgage broker for help, the borrower can save not only in the price of the loan, but also in time, which is also an important factor.
TIME IS MONEY
Banks differ from each other in different programs. But at the same time, brokers are also different: there are independent professionals on the market who are trying to find the most profitable option for the client, and those who value their own profits more.
Of course, many mortgage borrowers do not at all understand how to properly take out a loan from a bank. And often make stupid mistakes, which then regret for many years. But this does not mean that brokers can become a panacea for their troubles.
Buying an apartment (especially in the mortgage) – a very important event. Therefore, it is better to sort out the vital nuances on your own. And as best you can.
You can do the following: conduct the analysis yourself and choose for yourself the optimal program. Pay attention to the effective rate, term and amount of the total overpayment. And then contact the broker: they say, if you can find a better offer, other things being equal, then I will pay you for your services. In any case, they are paid after a loan from the bank is received.
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