When you are considering buying a property and getting a mortgage, you might wonder whether it’s worth hiring a mortgage broker to help you out. Some people will tell you a mortgage broker might cost you money and give you biased advice and others will say that mortgage broker can save you thousands of dollars.
On the down side, not all mortgage brokers are actually going to help you out as much as you’d hope. They are not always as well-trained as you’d hope, may give you bad advice and may be inclined to direct you to particular lenders because they get some perk out of the deal. Additionally, you will often have to pay a percentage fee to your mortgage broker, so if they’re not getting you a better deal to compensate for this fee, you’re losing out.
However, on the plus side, if you find a good mortgage broker who gives you advice that really suits your situation, and has access to a wide range of lenders and loans, and can find a way to save you money on your repayments or loan fees, then you really can end up a lot better off. Particularly if your financial circumstances are a little complicated, they may be able to help you out to get a much better deal. They also handle the frustrating paperwork and communications with the bank or lender, which can take a lot of the hassles out of buying property.
In the end, you have to go with some instincts, and don’t be afraid to shop around to find a mortgage broker you feel comfortable with, or decide not to use one at all. After all, you are making one of the biggest investments of your life, and making a bad choice can have a big impact on your future.