People have learned to distrust mortgage brokers, because word of mouth has told them that many of these brokers are crooks who are only in it to line their own pockets. In some cases, this distrust is justified. However, as in all businesses, there are many good brokers mixed among the bad, and the only trick is in finding one that will give you the best service at the most reasonable cost. Honest mortgage brokers can show you the tricks of the mortgage business while getting you the best loan terms available, because they have the contacts that you don’t have on your own. What you need, though, is how to find that honest person, and this article is here to show you how.
There are also local Ravenwood Services Putney associations that are not affiliated with a national association and I would still give credit to the broker or loan officer for being a part of a group that offers ongoing education and sets goals of ethical standards to their members.
The concept of broker is very simple. A broker is a professionally trained individual or group of individuals who practice and know how to find good loan rates for their clients based on their terms and conditions. When you are new in this matter then you will definitely need a broker who has a complete insight of these issues and knows very well how to find you good Mortgage broker rates.
You were given a Self Certification Mortgage even though you were employed at the time. A Self Certification Mortgage is meant for self employed people who do not have evidence of a steady income. Since they are high risk, they are charged a higher interest rate. If you were employed and sold such a mortgage, it is a mis-sold mortgage.
You have probably heard the term “the lawyer who represents himself has a fool for a client.” Certainly the adage does not apply here as the Internet has made it possible to learn enough to become a true “do it yourself” mortgage expert.
It is important to note that just because you qualify for a reverse mortgage does not mean that you have to go through with this option. There are risks and benefits you have to think about. It would then be a good idea to research thoroughly on these types of loans and carefully assess the pros and cons so you can have a clear idea what you are getting yourself into before making a decision.
This may not sound important, but believe me it is. You want as few people as possible accessing your credit period. When working with a mortgage broker, you are not a faceless, nameless client. Often, you will be able to create a relationship with them long term. Mortgage brokers have access to hundreds of mortgage products and will often be able to get you up to a 1% better rate than you would have been able to negotiate with your own bank. The banks on the other hand often cycle through loan officers as they get promoted every few years. The long term relationship you have with your mortgage broker will provide options and products in the future you may need. So if you are shopping for a new mortgage, contact a mortgage broker first to see what they can do for you.