There are over 8,000 mortgage products to choose from on the mortgage market. A walk down your local High Street will give you access to several of the most well-known providers – the big banks and building societies. However, these big providers will not have access to the 8,000 mortgage products; they will only offer a choice of a few of their own products. You could go into several of these financial institutions on your High Street and get a better choice, but still nowhere near the several thousand, and you’d probably be rather punch drunk from the experience!
You are better off looking for a mortgage broker. Mortgage brokers are professional individuals or companies who act as the intermediary between borrowers and lenders during mortgage transactions. Using the services of a mortgage broker will cut out all the leg work – or the Internet searches – as mortgage brokers have all the information you can access – and much more – at their finger tips. Getting your mortgage through a mortgage broker will give you a much better chance of getting the best mortgage deal for you.
Mortgages come in many different shapes and sizes these days. There are tracker mortgages, discounted mortgages, variable rates, fixed rates, adverse credit mortgages, sub-prime mortgages, CCJ mortgages. It can be very confusing! Mortgage brokers understand all the terms involved and will be able to explain it all to you. In fact, of course, they will cut through all the terms that are irrelevant to you and concentrate on getting a mortgage to suit your own personal circumstances.
What a mortgage broker will do for you is not something you want to spend time doing for yourself. Yes, you could trawl the Internet and find all the terms and all the different mortgage types and come to your own understanding, but why bother, when a mortgage broker can do it all for you?
Mortgage brokers need not cost you the earth. In fact, many offer their services to you for free, because they will get paid commission by the mortgage provider. But be careful of this, as you don’t want a mortgage broker to advise you for his own benefit. Ask your mortgage broker to explain all the fees that he is receiving at every step of the way. He is obliged by law to tell you what fees he is receiving and from whom.
Your mortgage broker will also tell you about all fees associated with your mortgage. These might include arrangement fees, booking fees, reservation fees. They are called different names, but you just need to know how much it’s going to cost you, and when. Your mortgage broker will not hide this from you for any lender’s product, because he should not mind which one you choose, so long as it is the right one for you.
So, don’t spend your time looking for mortgages or charging up and down your High Street looking for mortgage providers. Instead, spend your time talking to two or three mortgage brokers – and choose the best one of those to start your mortgage search.
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Frequently Asked Questions
I was 2 days late on my house note and my banker ...
By: Dana B Nicholson | 24-07-2008
I was 2 days late on my house note and my banker called and told me he could do a forclosure on my home. I have never ever been near 30 days past due. Can that be done?
Fha loan, still no commitment letter after 6 weeks
By: SIR | 24-07-2008
buyer took out an FHA loan, and its been 6 weeks since the appraisal was done, and still no committment letter from bank after many calls. is this
normal for a FHA LOAN, AND HOW WILL IT TAKE
Women's loans
By: Karen | 24-07-2008
Are there any banks in NJ where I can find loans specializing in Women and single women's loans that you know of ???
I was 3 months behind on payment due to illness ...
By: gerri4131 | 24-07-2008
I was 3 months behind on payment due to illness and death in family
with no insurance for burial. I asked Aurora for a repayment plan, which
they did and I have made. I could not pay for house insurance during all
the ruckus in Florida and hurricanes so they have added insurance WHICHis a fortune to my payment, making the payments impossible to make. I
have written them and asked for help in getting this settled so I can keep
house and they have never replied. I tried calling and the person who
answrs phone refers me to someone else and that person gives me the
run around. I would like to put the payment that is in arrears at the end
of the loan so that I COULD GET INSURANCE (now Florida is selling
insurance and it is half what the Mortgage Company charged me and
it would be a homeowners insurance covering contents etc., instead of
just the house) How do I get them to respond to me and work with me.
We have put the house on the market for sale but Florida's values have
hit rock bottom and nothing is moving. WE WOULD LIKE TO KEEP THEHOUSE AND NOT SELL IT> We have the income to make the regular
payment but with an extra half payment tacked on for arrerage ANDINSURANCE it is impossible. After paying all this and my utilities etc.\
I have 30.00 for groceries and 20 for gas so we sit home. We are both
retired and unable to work due to health problems. Please advise me
what to do.
Hello Mr. Reed, I represent a company that can ...
By: silva0703 | 24-07-2008
Hello Mr. Reed,
I represent a company that can help most of your people. I just helped a client who had 26 years left on their mortgage but because of this program willl now payoff their mortgage in 9 years. All without refinancing their existing mortgage, without increasing their monthly payment and in their particular case no effect on their standard of living. All I do is free a analysis. We do no credit check, no social security numbers or dates of birth. Please check out this information on www.u1stfinancial.net/stevesilva. Check out money merge account overview and give me your opinion. Thank you. silva0703@aol.com.
Programs for people looking to purchase a home
By: Janet | 24-07-2008
How hard is it to get a home loan now? I have had some credit issues about 7 years ago, and wanted to now buy a house. I currently rent, and have always made my payments on time. Are there any special programs (FHA, HUD or others) available to anyone looking to puchase a home. I would like to spend around $ 130,000. Thanks
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