A recent report shows that when deciding which loans to recommend, decision-making is the single most important factor for brokers. Why aren't they? After all, mortgage brokers are only salespeople for various lenders. Like most salespeople, selling the deals that are best for them, not consumers, is the top priority.
This will shock most consumers. The prevailing view is that brokers are just advisors. They guide the borrower through a maze to choose a home loan. This is far from reality.
A large number of brokers were interviewed, and most people made it clear that the size of the decision (both early and late) was the most important factor in selecting a particular lender.
Customer interviews show that less than 10% of people realize that the commission structure may affect the broker's proposal.
So how should consumers avoid making fattening mortgage brokers? Your own pocket?
First of all, consumers need to get rid of the advice given by brokers to be fair and false beliefs. Getting a mortgage broker to tell you is a big mistake.
Second, make sure you shop around yourself. Do some research and understand the types of loans offered on the market. The second opinion of the best deal for you will make you make better decisions, especially if the second opinion is your own opinion.
The fact is that getting second hand information on your home loan means there is more room for misunderstandings, misrepresentations and mistakes. Brokers tend to ignore key information. If you do not ask many questions, these important information will not appear until you sign the paper.
For example, products with similar rates may have a variety of functions, such as large fees due to default payments. In the long run, these differences may make you pay for the difference in satisfaction with your home loan.
All in all, choosing the right mortgage product is confusing, stressful and time consuming, but you should take a moment to study it yourself. At the very least, ask a lot of questions and get more opinions.
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Orignal From: Warning: Beware of mortgage brokers
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