Obtaining a mortgage can be both a stressful and extremely rewarding process. In order to get there, you must adhere to a set of processes and steps that can be assisted in a couple of ways including using online mortgage tools, or using a mortgage broker.
But, is one way better than the other?
This blog will look at the pros and cons of both sides and offer some guidance on how these factors may affect your overall buying experience.
If by the end of this article you still have questions or would generally like to know some more information about mortgages, we’d love to assist you here at Thameside Mortgages.
Using Mortgage Brokers – Advantages
Personalised Guidance: Mortgage brokers are experienced professionals who can provide tailored advice based on your financial situation and goals. Thameside Mortgages can help you find the right mortgage product for your needs. Mortgages can often be a minefield to many so having access to a professional in this field looking after your affairs is priceless. Here at Thameside Mortgages, we have years of experience in helping people get their mortgages over the line.
Access to Multiple Lenders: Brokers have access to a wide network of lenders, including banks, credit unions, and private lenders. We have access to over ninety lenders to find the best mortgage rates and terms for you. Our brokers at Thameside Mortgages will work extremely hard on your behalf to get you the best deal possible.
Saves Time and Effort: Brokers handle the paperwork, communication with lenders, and negotiations on your behalf, saving you time and reducing stress. This is an underrated part of acquiring a mortgage because you still have to time live your normal lives with work and other on-going commitments. Having a team looking out for you such as us is something that online tools cannot give. If you also ever need to call us, we’re on the end of the phone at all times.
Expertise in Complex Situations: If you have a unique financial situation or credit challenges, a mortgage broker can often find solutions that traditional lenders might overlook. There is also somewhat a power of human influence which a digital resource cannot compete with. Our team is very experienced, competent and knowledgeable on how to deal with certain situations. There isn’t much our team hasn’t seen over the years so you’re in safe hands.
Using Mortgage Broker – Drawbacks
Limited Control: You rely on the broker’s expertise, which means you may have less control over the mortgage selection process. We do work collaboratively where possible, though we are often trusted to use our expertise to get the job done to your best interests. You’re always in the best hands with our 5-star-rated mortgage brokers at Thameside Mortgages!
Using Online Mortgage Tools – Advantages
Convenience: Online mortgage tools allow you to research and compare mortgage options from the comfort of your home, anytime, anywhere. The results often come very quickly too which adds to the convenience factor.
No Broker Fees: You won’t have to pay broker fees when using online mortgage tools, potentially saving you money. It is worth mentioning however that some tools will only get you so far without having to pay a fee and there is littler personalisation with the service.
Using Online Mortgage Tools – Drawbacks
Limited Personalisation: Online tools may not offer the same level of personalised advice as a mortgage broker. They may not consider your unique financial situation. We feel that this is a major part in making you feel comfortable about your mortgage. Everyone’s situation is different and has unique elements that must be taken into account.
Complexity: The mortgage process can be complex, and online tools may not provide the same level of guidance and support as a broker. Each client that comes to us will come with individual worries, concerns and situations which we deal with on a case-by-case basis. An online mortgage tool can’t do this.
Time-Consuming: Researching and comparing mortgage options online can be time-consuming, especially if you’re not familiar with the process. If you’re wanting someone to deal with most of the princess for you then an online tool probably won’t suit.
Get in Touch
Here at Thameside Mortgages, we are proud to be your 5-star-rated mortgage brokers that provide a personable and professional service to help you secure your mortgage.
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