Benefits Of Using An Independent Whole Of Market Mortgage Broker
Benefits Of Using An Independent Whole Of Market Mortgage Broker
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Home Page > Finance > Benefits Of Using An Independent Whole Of Market Mortgage Broker
Benefits Of Using An Independent Whole Of Market Mortgage Broker
Posted: Mar 13, 2010 |Comments: 0
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Copyright (c) 2010 Steve Wentworth
Introduction?
The purpose of this article is to explain the benefits of seeking independent mortgage advice when looking to either purchase or remortgage a property.
So what are the different types of mortgage advice and where would you expect to find them? Non-advice – This type of mortgage broker offers the least consumer protection, they will simply ask a set of questions to narrow the customers requirements and thus filtering the number of mortgages available. They then present the customer with a small list of possible mortgages for the consumer to choose one appropriate. The consumer protection here is based on the script of questions the broker asks the script is a process determined prior to the consumer appointment and is impersonal therefore specific personal cirmcumstances are likely not to be assessed. It also assumes that the customers answers are factually correct and the final choice is made by the consumer (some further knowledge may be required by the consumer). Although no advice is offered these brokers do handle the arranging of the mortgage on the consumers behalf, and therefore dealing with all the chasing and removing stress from the process. Where would you expect non-advised brokers to exist? Well believe it or not many non-advised brokers are within the high street banks and building societies.
Advice-only
This type of services is where a mortgage adviser uses their knowledge and skills to provide the most suitable mortgage to suit a consumers personal circumstances. This will involve a full fact finding interview, affordability accessment, discussion on the consumers future plans and asperations, all of which provide key facts on a consumers requirements, and therefore a means for the adviser to identify suitable products. The adviser will not however, handle the arranging of the mortgage, and therefore the consumer would need to deal directly with the bank or buildings society to arrange the mortgage. These advisers generally do not exist alone this is often a service provided through the ‘Independent mortgage adviser’ type below. And often comes about when the most suitable mortgage is only offered direct through high street (i.e. not through mortgage advisers/brokers). The adviser would therefore offer an advice-only option to the client and often charge a fee for this service. Although the client must deal directly with the bank or building society they mortgage adviser often provides support to the consumer.
Tied mortgage advisers
These come in two forms ‘only offering mortgages from one lender or its own mortgages’ or multi-tied ‘only offer mortgages from a limited number of lenders’. This clearly limits the number of mortgage products available to match a consumers personal circumstances and in a lot of cases they may not be able to offer the most suitable mortgage product and therefore advice may result in the best mortgage they can offer, this could be woefully inadequate. Again found in high street branches. A consumer calls into their local building society branch and their in house mortgage adviser can only offer mortgage products from that building society. Consumer choice and mortgage product suitability are considerably reduced. Whats more high street branches often offer low mortgage rates/fees as a loss leader (marketing term to bring in business) and then try to sell their tied insurance products which are often also woefully inadequate and expensive.
Whole of market advice
By far the best coverage these advisers can offer mortgages from all the UK mortgage lenders (having mortgage adviser/broker routes). The vast amount of mortgages available through these advisers is likely to cover the individual circumstances of a consumer. Whole of market mortgage advisers offer advice through conducting a full fact finding interview, affordability accessment, discussion on the consumers future plans and asperations and then can arrange the mortgage through the lender thus aleviating the stress which comes when purchasing a house. These advisers are usually separate firms often found in the yellow pages or through the internet they are sometimes linked to estate agents on an initial meeting mortgage advisers should declare if they are whole of market and this will be disclosed in the ‘Initial Disclosure Document’ they provide you. If you are not sure if an adviser is whole of market then ask them.
Independent whole of market mortgage adviser
Finally this type of adviser has the ultimate scope of the mortgage market, not only can they offer mortgage advice from the whole of market (lenders with mortgage adviser routes) but can also offer an advice only process if they identify a high street direct deal is more suitable. The ‘Independent’ statement indicates that the adviser must offer the consumer a fee based service if required. This means that rather than the adviser taking commission as payment for the mortgage advice, the consumer can opt for paying a broker fee and any commission rebated to the consumer. The benefit of the fee based service is the consumer knows the adviser will not be swayed by higher commssion mortgage products when selected a suitable mortgage, however these days this is highly unlikely as the mortgage advice must prove to the regulator why a particular mortgage is most suitable. Some occassions where the commission is quite considerable this would mean the consumer could receive more money than the broker fee paid and therefore would be better of taking the fee based approach. Like the author of this document Independent mortgage advisers are usually separate firms often found on the high street, yellow pages or through the internet they are sometimes linked to estate agents. On an initial meeting an independent mortgage adviser would declare that they are whole of market and that they offer a fee based approach if required and this will be disclosed in the ‘Initial Disclosure Document’ they provide you. If you are not sure if an adviser is independent and/or whole of market then ask them.
What do independent whole of market mortgage advisers do for consumers:
1.Treat customers fairly.
2.Support and inform the consumer from initial enquiry right through to completion and beyond.
3.Take time to gain detailed knowledge of the consumers personal circumstances and aspirations.
4.Provide impartial, expert, external scrutiny of mortgage products.
5.Identify when the consumers personal circumstances do not meet the criteria of specific lenders.
6.Can identify the most likely lender in unusual situations, thus avoiding the need for multiple credit checks.
7.Assist in calculating affordability, ensuring that consumers can afford their mortgage and protection commitments, along with their other commitments.
8.Provide useful advice on the housing market in general such as dealing with price negotiation, leasehold issues etc.
9.Expert guidance in complex scenarios (shared ownership/shared equity, right-to-buy, adverse credit).
10.Protect the consumer from corporate sales tactics used by some lenders and estate agency chains.
11.Provide a fully personalised service tailored to individuals needs, not a faceless flowchart “one size suits all” (non-advised) service.
12.Understanding the urgency of some transactions and “go the extra mile” to meet deadlines.
13.Advise consumers not to do things that may not be in their long-term interest.
14.Work for the consumer – estate agents, lenders and to some degree, solicitors have a different agenda.
15.Explain the features and benefits of different mortgage and protection options.
16.Choose the best products, from multiple providers for each aspect of a consumers mortgage and protection needs, and thus increasing their ability to afford their commitments, even when things go wrong.
17.Select the best protection providers for consumers with health issues or unusual insurance histories.
18.Highlight unusual exclusions on protection and general insurance products.
19.Perform data input/entry for the consumer, minimising errors, omissions and non-disclosure.
20.Ensure the provision of appropriate and customized protection products.
21.Collate, verify and provide documentation for the lender to minimise delays in processing, speeding up the process for the consumer.
22.Liaise with other parties in the transaction and ensure that consumers are kept up to date with progress and developments.
23.Use past knowledge and awareness to predict problems and resolve them in advance.
24.Act as advocate for the consumer during the application process.
25.Explain the mortgage offer and assist in fulfilling the offer conditions.
26.Quickly find an alternative lender if declined without wasting the consumers time.
27.Free to act based on conscience and fairness as not usually directly targeted on specific areas.
28.Take responsibility for the advice and recommendation provided, thus increasing consumer protection.
29.Can arrange property insurance in ample time to be ready for exchange of contracts on purchases.
30.Can find appropriate lenders and insurers for unusual properties ( thatched roof, flying freehold flats etc).
31.Protect consumers from aggressive third-party marketing.
32.Protect consumers data and privacy.
33.Provide general support during what is acknowledged to be one of the most stressful events in life.
34.Often personally available outside of normal working hours to answer questions or resolve issues.
35.Provide a knowledgeable “Ally” in what can be a very worrying process.
36.Encourage competition and innovation from lenders.
37.Care about consumers and provide an ongoing long-term service, often several generations of the same family.
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About the Author:
Steve Wentworth formed his firm Wentworth Financial Services in Nov 2007 having been in the industry since Nov 2002. Wentworth Financial Services offer mortgage advice in the Merseyside, Cheshire and North Wales. If you require an mortgage broker in Merseyside. Read the original article in context at http://www.wentworthfs.co.uk/articles/independent-mortgage-adviser-003.aspx
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Steve Wentworth formed his firm Wentworth Financial Services in Nov 2007 having been in the industry since Nov 2002. Wentworth Financial Services offer mortgage advice in the Merseyside, Cheshire and North Wales. If you require an mortgage broker in Merseyside. Read the original article in context at http://www.wentworthfs.co.uk/articles/independent-mortgage-adviser-003.aspx
Expand the description and view the text of the steps for this how-to video. Check out Howcast for other do-it-yourself videos from ssproductions and more videos in the Home Finance category. You can contribute too! Create your own DIY guide at www.howcast.com or produce your own Howcast spots with the Howcast Filmmakers Program at www.howcast.com If you have large expenses coming up, a second mortgage may be a viable option. Here’s how to apply for one. To complete this How-To you will need: A home appraisal A computer with internet access A credit report Your gross monthly income Mortgage lenders Step 1: Get an appraisal Contact a real estate broker for an appraisal of your home, or search online for “home appraisal” for a free estimate. Step 2: Use credit score to determine interest rate Request a copy of your credit report from annualcreditreport.com.You are eligible for one free credit report per year. Visit a lender to receive your credit score, and to estimate how much interest you will be paying for your second mortgage. Expect lenders to offer lower interest rates if you have a high credit score. Tip: Check your credit report carefully, and dispute any errors in writing to the credit reporting agency. Step 3: Know your future plans Know your future plans. Be aware of market downturns when you plan to sell your home, or you risk losing equity if the housing market drops and are forced to sell at a loss. Step 4: Assess your situation Determine if you can afford a …
Video Rating: 4 / 5
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Why use a Mortgage Broker in Canada?
With the current state of the economy and lowest interest rates in a generation, many people have been trying to get in on some great real estate deals. If you are contemplating the purchase of a property you will really need to consider the services of a qualified mortgage broker. In the past when you wanted to buy a house you would walk down to your local bank and apply for a mortgage. You where at the mercy of the bank manager and their decision would dictate whether or not you would become a home owner. In our modern economy it is all about choice and competition so where there was only a few lenders to choose from now their are more options. The challenge is it can be very time consuming to find out which lenders to go to for the best mortgage you need a mortgage broker.
You may ask why would I use the mortgage broker when I can go to the lenders myself. You can go to the lenders directly but the mortgage broker will always be able to get you a better deal and the reason is the broker does a large volume of mortgages in a month and a year and these lenders want this business so they offer the mortgage broker volume discounts and the ability to buy down interest rates. What that means is the floor rate they can offer you is always superior to the one you would get on your own so it pays to be aware of this since the savings is really substantial.
Looking for mortgage broker in burnaby, you could contact Ronin Mortgage at 604-908-8861
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Fort Lauderdale Morgage Broker
Any Fort Lauderdale mortgage broker that wants to get ahead and increase their business will certainly be turning to a provider of commercial Fort Lauderdale mortgage leads.
They get these leads by pushing a free Fort Lauderdale mortgage quote if the possible customer takes the time to fill out some pretty basic information and submit it to them. Once their information makes it to the advertising company, they are sure to receive a free guess within a specific amount of time. This saves them time and also provides Fort Lauderdale mortgage corporations the opportunity at a lead that may lead to a sale. It’s done with reverse Fort Lauderdale mortgage lead and just about each other conceivable finance related product.
Many Fort Lauderdale mortgage corporations will contact these lead generating firms to purchase the leads from them. This saves time and money for the Fort Lauderdale mortgage company because they do not need to spend any time researching potential business opportunities.
There are two types of Fort Lauderdale mortgage leads that may be bought. The most costly but also must helpful leads are the exclusive leads. An exclusive lead is only sold to one individual and that is why it costs so very much more.
If you want to have an exclusive lead and not need to compete against other Fort Lauderdale mortgage agents then it is surely worth the additional cash to get the Lead as an exclusive lead. By employing Fort Lauderdale mortgage leads you are bringing folks that are definitely considering getting a loan right to you which should lead to higher sales in a shorter amount of time.
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more learn more visit: rel=”nofollow” onclick=”javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link']);” href=”http://fortlauderdalemortgage.blogspot.com/<br />/”>Fort Lauderdale Mortgage
How to select the right mortgage broker
When you are looking for a mortgage broker make sure they are qualified, most mortgage broker have gone to school and have years of training under a senior broker to ensure the know the ins and outs of the mortgage industry. The industry has a designation calls Accredited Mortgage Professional to differentiate the category of mortgage broker. If the broker you are meeting has this designation then you are in good hands to move forward. What a mortgage broker does is they have you fill out a form with your financial information and credit score and based on that information they shop for the best mortgage under the terms you are looking for. Like are you looking for a variable or fixed rate mortgage, how much of a down payment do you have. Are you self employed. The host of factors will help you mortgage broker determine which lender is best suited for your needs.
Your mortgage broker works for you and provided you have sufficient good credit you do not pay the broker out of your pocket for their services. For the broker to get a quote for you is free of charge, if you are asked for a fee upfront move on to another mortgage broker since this service is standard and free. When you do decide to take a mortgage with the broker and it is a successful transaction the mortgage broker gets compensated by the lender you choose to go with.
Our mortgage brokers have experience working in banks and other financial institutions. That is one of reasons how we can get our clients the best rate at the highest money that you can get from any banks. We are a mortgage broker in Burnaby and other lower mainland areas, including Vancouver, New Westminster and Surrey.
Gary Bains
Mortgage Specialist
Ronin Mortgage
Mortgage Broker Association of British Columbia
In most provinces across Canada consumers looking for the best mortgage have turned to the advice of a qualified mortgage broker. The services these brokers offer can save you tens of thousands of dollars. The reason these professionals are so effective is because they belong to a mortgage broker association which ensures that anyone performing the services of a broker are well versed in all the requirements.
Some people are under the impression that all mortgage brokers are equal when nothing could be further from the truth. In British Columbia for example when you speak with a broker you need to ask if they are a broker or a mortgage agent. The association allows brokers to have associates who have the academic skills necessary for processing mortgages but lack the practical experience. Since the only way to get practical experience is to do the actual work so the association has made it allowable for these mortgage agents under the close supervision of a mortgage broker to offer the service of mortgage lending acquisition in British Columbia.
Not only those, as a member of association, all the agents have to keep themselves up-to-date with the rules and regulations of mortgages in British Columbia and Canada by attending conferences and taking classes . The formal education to become a broker takes about a year to two years depending on your education background. When you are taking the training, you will see how the real transactions take place and how to do business with real estate agents. Since the association would like their associates represent them as professionals who are qualified with what they are doing.
If you are looking for a mortgage broker be sure to ask them if they are a member of the mortgage broker association and if not then you should never do business with them. They are not authorized to conduct mortgage business in British Columbia since the role of broker is very critical in the real estate sector all brokers must complete an extensive background check to make certain they are of the highest moral caliber.
Ronin Mortgage is a member of the association. If you live in British Columbia, Canada, and are looking for a mortgage broker in Burnaby, Vancouver and other lower mainland areas. We Shop banks for the best mortgage rate in British Columbia, Canada (including Burnaby, Coquitlam, Port Coquitlam, Surrey, Maple Ridge, Vancouver). And yes, our service is FREE.
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7 Reasons to Use a Mortgage Broker
For many people, mortgage payments are their single largest expense. Yet, when financing a home, most Canadians don’t comparison shop to ensure they’re getting the best mortgage rate and terms available. This mistake can cost homeowners tens of thousands of dollars over the course of their mortgage.
Here are seven ways mortgage brokers can help:
Access to competitive rates
Brokers deal with multiple competing lenders and can often access exclusive rates. Based on the number of mortgages brokers complete each year, they also have the power to negotiate rate discounts from lenders, which can be passed on to their clients.
A free service
Mortgage brokers’ services are typically available at no cost to consumers. Brokers are paid by the lender selected by their clients.
Knowledgeable advice
Brokers offer consultative service, advice and solutions that are customized to each client’s needs. And unlike banks, brokers work for you.
Speed and convenience
Brokers will work around a client’s schedule to make the transaction as easy and convenient as possible.
Pre-qualification
Whether you’re shopping for a new home or refinancing your existing mortgage, a broker can help you obtain a pre-approved mortgage, often with up to a 120-day interest rate guarantee.
Preserved credit rating
When you shop for a mortgage, there is an accumulation of lender inquiries on your credit bureau report, possibly affecting your credit rating and, ultimately, the rate and terms of your mortgage. This isn’t the case with a mortgage broker, who only does one inquiry yet can still get many competing lenders to quote on your business.
Peace of Mind
The Canadian Association of Accredited Mortgage Brokers has a stringent Code of Ethics that members are required to adhere to in order to retain membership.
The House Team is committed to providing quality information to help people make informed decisions about their mortgage financing needs. Compare Canadian Mortgage Rates. Need a mortgage calculator? Mortgage Calculator Ontario. Mortgage Rates Ontario.
Note: the mortgage lender I spoke with is not necessarily the largest single recipient of federal bailout money, just one of the largest. Also check me out on www.facebook.com and twitter.com
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Make a Mortgage Broker Part of your Financial Plan
For most Canadians, buying a home is the largest financial decision they will make in their lifetime. Yet, consumers across the country are more likely to painstakingly review dozens of investment possibilities for their portfolios than to scrutinize their mortgage choices. The mortgage world – like the investment world – can sometimes be confusing. There is a vast array of choices – open, closed, fixed, floating, long or short amortization, prepayment options, portability… and of course, the rate itself.
Making the right mortgage decision can have a huge financial impact over the long term. Many Canadians have an investment advisor to help them sort through their choices. Now, Canadians are also beginning to turn to mortgage brokers to help them make better mortgage decisions. Canadians are just now catching up with their counterparts south of the border, where mortgage brokers already arrange approximately 70 per cent of mortgages for U.S. properties.
So what is a mortgage broker? The role of a mortgage broker is to understand your mortgage needs, seek out the best options for your situation, and guide you through the lending process. A mortgage broker does not work for any individual institution or lender, but is independent, and has up-to-the-minute loan rates for a wide array of banks and other lending institutions.
There was a time when the banks exercised the view that they “owned” their customers, and mortgage brokers were perceived only as a last resort for home buyers with poor credit history. But times have changed, and home buyers in every bracket are learning they can benefit from the professional advice of a mortgage broker.
A good investment advisor can make you thousands of dollars. But a good mortgage broker will SAVE you thousands of dollars. Whether you are buying a home or renewing a mortgage, consider making a mortgage broker part of your financial plan this year.
The House Team is commited to providing quality information to help people make informed decisions about their mortgage financing needs.
Compare Ontario Mortgage Rates with the traditional banks.
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View full post on Jeffrey Nelson – EzineArticles Expert Author
Are you a mortgage broker struggling with real estate agents? Learn why the trivial matters and how to use it to get noticed.
View full post on Jeffrey Nelson – EzineArticles Expert Author
Are you not satisfied with the effectiveness of your marketing materials? Learn the common mistakes to avoid and achieve a better response with your marketing.
View full post on Jeffrey Nelson – EzineArticles Expert Author
