If you are looking for a right kind of advice regarding mortgage then there is nothing better than taking the assistance of independent mortgage brokers.
Unlike many mortgage brokers that are tied to particular lenders, independent mortgage brokers have good working relationship with all the lenders. Therefore, independent mortgage brokers offer you lot more choices as compared to other mortgage brokers.
Сommercial mortgage insurance
Apart from independent mortgage brokers, there exist tied mortgage brokers. The only difference between these two mortgage brokers is that tied mortgage brokers does not provide you access to all mortgages that are there in the market.
There are some mortgage brokers operating in the market that do not give tied or independent advice and only offers “information only” service. These kinds of mortgage brokers are commonly known as information only mortgage brokers.
Information only mortgage brokers are not going to assist you in deciding which mortgage package is ideally suited for you. This is the job of tied and independent mortgage brokers to suggest you mortgage package on the basis of your financial condition.
The main task of information only mortgage brokers is to provide you wide array of mortgage products for selection purpose. Information only mortgage brokers will also conduct the administrative routines that are quite mandatory in processing the mortgage application.
Once you have chosen mortgage package after taking into consideration your financial situation, information only mortgage brokers will make sure that your mortgage application is approved quickly.
The main advantage of information only mortgage brokers is that you do not need to pay any sort of fee to them. Talking about disadvantages of information only mortgage brokers, you do not get too many choices in terms of finding a good mortgage package. This in turn can increase your monthly installment.
You will also face difficulty in repaying the loan amount. Before taking the services of information only mortgage brokers, be clear in your mind whether you require independent advice or not. Don’t take the services of information only mortgage brokers if you want to access all the packages of mortgage market.