5 Benefits of Using an Online Mortgage Broker
Working with a mortgage broker can be quite daunting. It is often difficult to tell whether they are working in your best interest or the banks’. Some people think managing mortgages depends on talent, while some just see it as a good combination of predispositions. One thing is sure: the people want cheap mortgages that they are capable of paying off. If we keep this at the focus and at the heart of each company, both the client and provider will be successful. The good news is that you don’t have to worry about all that. An online mortgage broker, which basically comprises of expert brokers, computers, and algorithms, is a great workaround for that predicament. They offer hassle-free means of getting your dream home while eliminating the need for in-person meetings with several mortgage agents.
Here are some benefits of using an online mortgage lender:
1. Lower Rates and Fees
One of the benefits of using an online mortgage broker is that their services are absolutely free. Even though you might talk to real agents through the live chat function, they won’t require any payment for the assistance. The same cannot be said for conventional brokers most of whom charge an average fee of £500. Besides that, online mortgage brokers do not have high overhead costs and interest rates associated with their brick-and-mortar counterparts.
2. More Loan Options
Digital brokers use powerful search technologies to scan several mortgage deals from different lenders. This way, you will be able to get the one that is perfect for you. In addition to that, you can access various mortgage options including remortgages, buy-to-let, and Help-to-Buy/Shared Ownership mortgages.
If you’re looking to find a mortgage option that’ll suit your needs, use Habito. The mortgage broker scans over 90 lenders, covering over 20,000 mortgages to help you get the best loan option. Additionally, the broker has a team of mortgage experts that can answer your questions, provide tailored advice and give you specific recommendations.
Traditionally, you would have to walk into numerous brick-and-mortar mortgage agents to compare quotes. Even with the advent of price comparison sites, you still wouldn’t be able to talk to an expert while browsing and cross-checking an extensive property database. Digital brokers will save you a great deal of time thanks to their high-end Client Management Systems. Imagine being able to browse up to 20,000 mortgage options from the comfort of your home or office. Whether on your phone or PC, you’ll be able to access these services seamlessly.
4. Easier Approvals
Online mortgage brokers help you evaluate how much you can afford. All you have to do is to enter a few details such as your income, insurance cover, and your current state of finances. All that is done upfront to help you access deals where your approval rate will be much higher. It also eliminates the need for intrusive credit checks in an attempt to estimate your borrowing power.
5. Lower Required Credit Scores
Having a bad credit score does not disqualify you for a mortgage. Online mortgage brokers will help you identify lenders that fit your borrowing capacity. They also help you find solutions such as shared ownership mortgages that can help you leverage your partner’s credit score for a larger deal.
These are just some of the perks of using online brokers. With a good broker, you won’t have to worry about your credit score and loan approval.