When you go in for a mortgage, most folks employ the services of a broker. However, with numerous brokers competing for business, how can one tell whether these brokers are authentic enough as well as cognizant of your best interests in their transactions?
So, here are a few tips that will help one determine which broker is right for him or her or not:
Tip #1: If you wish to hire a local broker, then one can shortlist three brokers from the Independent Financial Promotions or even look at online directories where one can mortgage brokers listed as well.
Tip #2: One of the best ways to determine whether or not they are authentic is to find out whether they have been authorized by the Financial Services Authority directly or have been appointed as a principle/ representative of another company. You can also find these brokers at the website: fsa.gov.uk
Tip #3: Since mortgage brokers are in touch with several products and services that can help their customers, their benefits come in the form of a commission, and for this one must be wary of what they have to offer you since they sometimes work in their own interests. So one must always double-check what has been offered by themselves before accepting.
Tip #4: While the jargon used in the mortgage industry is plenty, one must never be afraid to ask questions if they are confused rather than stay quiet. Ethical brokers will be more than happy to explain something if it doesn’t feel right. After all, it’s your money.