Buying a home can be quite complicated, but trying to figure out what is the best mortgage, what the different levels, etc., can try to find out the method for the problem. This is why it is a good idea to use a mortgage broker and one that more and more home buyers are starting to do.
Whereas previous generations of home buyers were content to simply arrange the mortgage through their banks, today's buyers are different. You can also hire a 'mortgage broker' (also known as 'Courtier hypothecaire' in the French language) for buying a home.
With the Internet offering new ways for people to look for deals on everything from home insurance to car loans, mortgage lenders are no longer the ones in control. However, using a mortgage broker is still more advisable than looking for offers by yourself.
Why a Mortgage Broker?
A mortgage broker is a certified professional and someone who has spent years training to become an expert in mortgages. Regulated by the Financial Services Authority (FSA), they have a strict set of guidelines that they must adhere to. This includes the information they give you, and the ethical decisions they make regarding any financial advice they provide to you.
Because of this, they are usually independent, which offers the potential home buyer the benefit of unbiased advice. Even if a broker belongs to a company, you should still be offered a greater choice when it comes to the type of mortgage you take out, as well as whom you take it out with.
Compare this to banks and building societies, which usually try and arrange your mortgage solely with them, and the extra cost in using a broker is more than worth it.