Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
The S&P 500 appears ready to correct, and that is a good thing - 18th Sep 20
It’s Go Time for Gold Price! Next Stop $2,250 - 18th Sep 20
Forget AMD RDNA2 and Buy Nvidia RTX 3080 FE GPU's NOW Before Price - 18th Sep 20
Best Back to School / University Black Face Masks Quick and Easy from Amazon - 18th Sep 20
3 Types of Loans to Buy an Existing Business - 18th Sep 20
How to tell Budgie Gender, Male or Female Sex for Young and Mature Parakeets - 18th Sep 20
Fasten Your Seatbelts Stock Market Make Or Break – Big Trends Ahead - 17th Sep 20
Peak Financialism And Post-Capitalist Economics - 17th Sep 20
Challenges of Working from Home - 17th Sep 20
Sheffield Heading for Coronavirus Lockdown as Covid Deaths Pass 432 - 17th Sep 20
What Does this Valuable Gold Miners Indicator Say Now? - 16th Sep 20
President Trump and Crimes Against Humanity - 16th Sep 20
Slow Economic Recovery from CoronaVirus Unlikely to Impede Strong Demand for Metals - 16th Sep 20
Why the Knives Are Out for Trump’s Fed Critic Judy Shelton - 16th Sep 20
Operation Moonshot: Get Ready for Millions of New COVAIDS Positives in the UK! - 16th Sep 20
Stock Market Approaching Correction Objective - 15th Sep 20
Look at This Big Reminder of Dot.com Stock Market Mania - 15th Sep 20
Three Key Principles for Successful Disruption Investors - 15th Sep 20
Billionaire Hedge Fund Manager Warns of 10% Inflation - 15th Sep 20
Gold Price Reaches $2,000 Amid Dollar Depreciation - 15th Sep 20
GLD, IAU Big Gold ETF Buying MIA - 14th Sep 20
Why Bill Gates Is Betting Millions on Synthetic Biology - 14th Sep 20
Stock Market SPY Expectations For The Rest Of September - 14th Sep 20
Gold Price Gann Angle Update - 14th Sep 20
Stock Market Recovery from the Sharp Correction Goes On - 14th Sep 20
Is this the End of Capitalism? - 13th Sep 20
The Silver Big Prize - 13th Sep 20
U.S. Shares Plunged. Is Gold Next? - 13th Sep 20
Why Are 7,500 Oil Barrels Floating on this London Lake? - 13th Sep 20
Sheffield 432 Covid-19 Deaths, Last City Centre Shop Before Next Lockdown - 13th Sep 20
Biden or Trump Will Keep The Money Spigots Open - 13th Sep 20
Gold And Silver Up, Down, Sideways, Up - 13th Sep 20
Does the Stock Market Really "See" the Future? - 12th Sept 20
Basel III and Gold, Silver and Platinum - 12th Sept 20
Tech Stocks FANG Index Nearing Critical Support – Could Breakout At Any Moment - 12th Sept 20
The Tech Stocks Quantum AI EXPLOSION is Coming! - 12th Sept 20
AMD Zen 3 Ryzen 4000 Questions Answered on Cores, Prices, Benchmarks and Threadripper Launch - 12th Sept 20
The Inflation Mega-trend is Going Hyper! - 11th Sep 20
Gold / Silver Ratio: Slowly I Toined… - 11th Sep 20
Stock Market Correction or Reversal? The Jury Isn't Out! - 11th Sep 20
Crude Oil – The Bearish Outlook Remains - 11th Sep 20
Crude Oil Breaks Lower – Sparking Fears Of Another Sub $30 Price Collapse - 11th Sep 20
Inflation by Fiat - 10th Sep 20
Unemployment Rate Drops. Will It Drag Gold Down? - 10th Sep 20
How Does The Global Economy Recover After This Global Pandemic? - 10th Sep 20
The Best Mobile Casino - 10th Sep 20
QE4EVER! - 9th Sep 20
AMD Ryzen Zen 3 4800x 10 Core 5ghz CPU, Cinebench Benchmark Scores (Est.) - 9th Sep 20
Stock Traders’ Dreams Come True – Big Technical Price Swings Pending on SP500 - 9th Sep 20
Should You Be Concerned About The Stock Market Big Downside Rotation? - 9th Sep 20
Options Traders Keep "Opting" for Even Higher Stock Market Prices - 8th Sep 20
Gold Stocks in Correction Mode - 8th Sep 20
The law of long-term time preference and Gold ownership - 8th Sep 20
Gold Bull Markets: History and Prospects Ahead - 8th Sep 20
Sheffield City Centre Coronavirus Shopping Opera Ahead of Second Covid-19 Peak - 8th Sep 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

5 Ways to Save by Using a Mortgage Broker

Personal_Finance / Mortgages Aug 20, 2019 - 07:35 AM GMT

By: Submissions

Personal_Finance

Getting a mortgage can be the hardest part of buying a house. You run from lender to lender in hopes of getting pre-approval before you start house hunting. Once you find the house you want to buy, you then have to go through the formal approval process. It can be the stuff of nightmares if you are not hooked up with the right lender.

It turns out that there is a viable alternative to going directly to banks and building societies: turn to a regulated mortgage brokerage instead. A mortgage brokerage is a company that acts as a middleman of sorts, matching lenders and borrowers based on both of their needs.


There are three different kinds of mortgage brokers recognised by UK regulations:

  • Tied – A tied mortgage broker represents only one lender
  • Multi-Tied – A multi-tied mortgage broker represents a limited number of lenders
  • Independent – An independent mortgage broker isn't tied to any specific lenders.

The advantage of working with an independent mortgage brokerage is encapsulated in a single word: choice. The more choices you have as a borrower, the greater the likelihood you are going to get the deal that works best for you.

With all that said, being able to save is the biggest benefit of getting your mortgage through a brokerage. Below are five ways to save.

1. Save Time

There are literally hundreds of different mortgage products on the market at any given time. Common sense dictates that in order for you to get the best deal, you have to look at all of them. You have to be able to compare every mortgage product against all others to determine which one is best. Do you have that kind of time? Most people do not.

A mortgage broker not only has the time, but that is what he or she does for a living. If anyone knows the finer points of all currently available mortgage products, it is the independent mortgage broker who specialises in taking advantage of the full market.

Working with a mortgage broker means you are not spending time comparing dozens of different loan offers. You complete some paperwork and let your broker do the digging. You are presented with a range of the best possible deals to choose from after the broker completes his or her work.

2. Save on Interest

Saving on the amount of interest you pay is the single most important thing you can do to keep your mortgage costs in check. Just a quarter of one percentage point can make a difference of thousands over the life of a mortgage. It should be obvious that you want to pay as little interest as possible.

The thing about banks and building societies is that their advertised rates are not necessarily what consumers get when they sign on the dotted line. In fact, those advertised rates are usually reserved for borrowers with the highest incomes and best credit ratings.

All of this is not to say that you have to settle for a lousy interest rate. You don't. A mortgage broker has access to an extensive list of mortgage deals, some of which offer extremely competitive interest rates. He or she is the most qualified person to dig around until the best interest rate is found.

3. Save on Fees

Hand-in-hand with mortgage interest is the extra fees you pay for the privilege of borrowing. A mortgage broker shines here as well. Just like your broker can dig around to find the best interest rates, he or she can also find mortgages with the lowest fees. This could save you thousands.

4. Save Yourself the Frustration

Working directly with banks and building societies can be a frustrating experience. It is especially frustrating for first-time home buyers who haven't been through the process before. How does a mortgage broker help? By acting as an intermediary between you and your lender.

Your mortgage broker is there to help you avoid the frustration of making mistakes on your paperwork. Your broker can help by clarifying things you do not understand. You will get answers to your questions as well as any assistance you need to satisfy lender needs for documents and forms.

5. Save Yourself from Costly Mistakes

Finally, you can save yourself from making costly mistakes by working with a mortgage broker. Here in the UK, mortgage brokers are also financial advisers with special expertise in the mortgage market. It is part of their responsibility to customers to provide sound financial advice so as to help them avoid making costly mistakes.

In short, your mortgage broker can advise you as to the financial prudence of certain mortgages. He or she can help you understand how a mortgage will affect your short- and long-term finances. The advice from an independent broker is invaluable when it comes to making wise mortgage decisions.

Yes, you can go directly to a bank or building society to get a mortgage. You can also go to a mortgage brokerage. Based on what you've read here, isn't going with a broker the better option?

By Russell Fenton

This is a paid advertorial.

© 2019 Copyright Russell Fenton - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules