Consult A High Quality Mortgage Broker Before Going To The Bank

Written by Posted On Monday, 22 July 2019 13:05

Anyone who is currently interested in buying a home and does not have enough money to buy it in cash knows that he faces the tedious task of hiring a mortgage loan. We recommend visiting Get Me My Mortgage before going to the banks, as it is the optimal way to get the best mortgage.

The usual thing is that the first thing we do is visit the director of our branch, to tell him our intentions and the offer that the bank can give us. Additionally, we go online to find the best offers from banks and ask friends to find the best mortgage in the market. However, this is not the right order to get the best mortgage.

The ideal thing is to consult a mortgage advisor first, if possible, for free. It usually is not done, either due to ignorance of its existence or the help, it can give us or because we think that its real interests will be out of line with ours.

Our experience at as mortgage consultants is that clients often miss the opportunity to get the best market price - or at least the best conditions for their needs and economic profile - if they do not consult with an advisor, or if they do so after kicking several financial entities on their own.

The Economic Reasons

Although this statement may seem interested, let us explain why we consider that always thinking from the client-side, it is a reality and a benefit:

- The advisors have agreements with many banks. We know what banks are giving mortgages, in what conditions, and to what profiles of clients: if you are self-employed, immigrant, if you have an excellent profile, we know, and we can find the best mortgage for your profile because it is our job and we have all the information updated

- If we first go hand in hand with the mortgage advisor, we will have access to cheaper mortgages than if we go on our own. The reason is simple: the advisors who contract more volume of mortgages with the banks have exclusive agreements with several entities to obtain more discounts than those that an average consumer can get in a branch by your account, even if it is your branch. We are talking about thousands of euros of savings throughout the life of the mortgage

However, we insist that the important thing is to go first with a guarantee advisor since they usually have “no competition” agreements with the entities. What does this mean? Simply that in order not to step on the clients, the first one that arrives with a person interested in a mortgage is the one who will work with the client from the beginning to end.

If a buyer asks for a mortgage account in a particular bank, a file is opened, an offer is made, and the bank blocks it. The advisor could have gotten a better offer before having agreements, but after the client has first spoken with the bank, he will not be able to do anything because when he presents that client to the bank. The entity will tell him that he is under his guardianship because he already made an offer previously. It is how the system works so as not to step on customers and that there is an order

Therefore, if an individual goes to a branch directly and requests the loan, and then goes to an advisor, he cannot do anything, since once the application has been submitted directly to the bank, the advisor cannot send it again; if on the contrary we present it first through the advisor, yes we can get this best price

That said, not all advisors have these preferential agreements, so be careful with those who promise “siren songs” at the first exchange, without knowing our profile and needs

Reasons Added

The above are economic reasons to seek a mortgage with a personal advisor. Besides, there are also more reasons to have your help -

1. Advice: An advisor, as the name implies, must explain in detail what the process of requesting and contracting a loan is so that we understand the steps to be taken and the documentation that the banks will ask us. It will save us money and much time in comings and goings to the branch with pending papers

2. Recommendation: You will ask us about our socio-economic situation and the housing we want to buy and then give us a detailed explanation of our real possibilities of accessing a mortgage given the current market conditions. They must also tell us our strengths and weaknesses, so that if we then want to go directly to the banks, we will know what they are going to ask us and how to argue specific situations, such as a recent job change.

3. Alternatives: We will give you options in case - depending on the data provided - our initial profile does not fit with what banks demand: need to provide more cash, the possibility of guarantors, mortgage on appraised value against the value of purchase, etc.

4. Management: finally, we can manage the request with multiple banks, avoiding the work of making various photocopies, making appointments with banks, and spend the entire process of explaining our needs and situation numerous times.

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