Most mortgage borrowers acquire their loans by seeking help from a broker. The main reason why borrowers choose this route than going from one bank to another is the fact that mortgage broker in Applecross can shop to different lenders and choose the best deal for them. This being the case, it is necessary that before you finally get their service, relevant questions should be asked. Questions like:
“Can I get references?”
You might have found your mortgage broker through a reference from a relative, a trusted friend or a colleague. But in case you get this information online, email or advertisement, asking for reference of the last three people he or she serviced is a good idea.
Call the names he or she provided. From there, ask their experience, like if they were treated fairly, or did they get satisfied with the service provided and so forth. You may also ask if they would choose to do business with them again.
“How long have you been in the industry?”
The longer they are giving service to people, the better. Although this does not mean that a newbie cannot do their work well, come to think of it: everyone started as a newbie. The thing is, at this time, getting someone who is experienced is a good idea. Three or four years of experience is actually good enough, but if longer, that’s better.
“How are you compensated?”
This is a question that you can ask once you get comfortable with the person you are talking to. This is a bit personal, but asking this question can help you somehow assess their intentions. Are they getting compensated through commission? Or are they getting yield spread premium?
There are other questions that you can ask, like:
- “Do you present a variety of different lenders?”
- “How much deposit do I need to obtain a loan?”
- “Does my credit card limit have an impact on my capacity to borrow money?”
- “What information do I need to present to obtain my finance”?
- “How does mortgage insurance work?”