By SeanH

This is true. But its not exactly easy. There are thousands of products out there, all with different features. How are you supposed to know where to start in shopping around?

Obviously, the best thing is to consult a professional. But first of all, you have to decide which professional to choose! There are two main types - a mortgage broker and an Independent Financial Adviser (IFA).

What does an IFA do? The job of an IFA is to work with individuals or businesses to help them meet their financial goals in the best possible way. The adviser works with you on a financial plan to make sure you can make the best financial choices and ensure your own financial security in the future.

First the IFA will use a fact-finding process to achieve as accurate a picture as possible of your financial situation, investment preferences, etc. On the basis of this the adviser will work out a plan and recommend the most suitable financial products. This includes not only mortgages, but investments, pensions, and insurance products.

What about a mortgage broker? A mortgage broker, obviously, works specifically with mortgages. Like the IFA, the broker will start off with a questionnaire or a fact-finding exercise to form a clear picture of your financial situation. Then the broker will select a mortgage product that is suitable for you, help you with your application, and assist with the arrangements for obtaining the mortgage.

Which should I use? Whether a mortgage broker or an IFA is better for you depends on what you need.

If it is simply a mortgage that you need, then a good mortgage broker is likely to have more mortgage expertise than a good IFA who doesnt do much mortgage business. On the other hand, if you want an endowment along with your mortgage, you do need an IFA, as endowments can be tricky. And if you need your mortgage decision to be part of a wider financial review, or a complete financial plan, you should consult an IFA.

The important thing is that you do consult a professional. The world of finance is getting more complex all the time, and you need to get the best possible advice in order to make the right decisions.

Sean Horton is a Director of Enhanced Wealth Limited who are a specialist mortgage broker

By James Calvin

Whats a mortgage broker?

Contrary to popular belief, mortgage brokers do not work for the loan company or any lending organization or firm. A mortgage broker is a real estate financing professional who works independently from a lender. A mortgage broker concentrates on the instigation of residential or commercial mortgages. The lending company is the 'wholesaler.' The mortgage broker is the one who provides the actual funding and servicing to these loan 'wholesalers.'

Basically, mortgage brokers are freelance agents working with (not for) various wholesale lenders. Almost half of all the real estate residential loans in the United States are instigated by mortgage broker firm operations.

Mortgage Broker Services

Mortgage brokers have direct access to hundreds of loan products. Because of this, mortgage brokers are the best when it comes to providing consumers cost-effective and efficient options that cater to their specific loan needs. The mortgage broker evaluates and provides assessment based on the financial details which the customer gives. Using this information as leverage, the mortgage broker would then search through the hundreds of posted rates in order to find the best one for the customer. In this way, not only does a mortgage broker provide their customers with expertise and convenience, but choice as well.

Mortgage lending is a complicated task. Mortgage brokers act as guides for consumers, helping them through the entire process. When confusion sets in, mortgage brokers help dispel this by offering extensive choices and advice to aid the consumer maintain his financial balance with his goal.

When customers have a bad credit or a less-than attractive credit history, mortgage brokers help them get loans by looking for lending companies that are willing to let these types of consumers borrow money. Mortgage brokers also use novel loan packages to allow customers with low to moderate income enjoy the benefits of home ownership.

Mortgage brokers help consumers save on their time, money, and effort. Because mortgage brokers provide assessment on their clients financial status, they can easily target products which more or less cover and fit with the clients needs. This makes the job easier and less time-consuming. Mortgage brokers maintain contacts with several lending companies. This allows mortgage brokers to get the cheapest loans for their clients.

National Association of Mortgage Brokers

Established in 1973, the National Association of Mortgage Brokers is the primary trade association that represents the community. The association is affiliated with 46 states of the United States and promotes professional certification for mortgage brokers.

Mortgage brokers who are members of the National Association of Mortgage Brokers are required to follow the associations code of ethics and keep only the best lending practices in his profession. The mortgage broker acts as the liaison between the lender and the borrower. A mortgage broker is responsible for bridging the gap between these two. Such a large responsibility requires a mortgage broker to be completely thorough in his dealings with both and in the mortgage process.

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By James Matt

Mortgage Broker Services

A mortgage broker works with several lenders to find the best financing for the purchase of a home. No matter if you have perfect credit or bad credit, typically a mortgage broker can find you a lower mortgage rate than if you went with your neighborhood bank.

It is important to remember that brokers are paid by adding on a fee or point to the loan, so you should do comparison shopping even with a mortgage broker.

One Stop Shopping

Online mortgage brokers have reduced time spent comparing mortgage lenders by consolidating information about several lenders into one site. Through such mortgage sites, you only enter your information once to receive interest rates from several different mortgage lenders.

Compare Rates And Fees

While online mortgage brokers make getting quotes easy, it is important to still take the time to compare rates. Your mortgage rate will be based on current interest rates, the propertys location, your credit score, and employment history. If you receive a rate quote without providing this detailed information, then you are just getting a general estimate.

General estimates for mortgage rates are still a useful tool to narrow your choices to at least three lenders. You can then apply for a true mortgage estimate with the most promising companies. With these true mortgage quotes, look at both the rates and fees to determine the actual cost of the loan.

Research Reputable Companies

Interest rates arent the only factor to consider when comparing mortgage lenders. You should also be comfortable with the lenders reputation. Unfortunately, there is not a list of reputable mortgage lenders, but common sense can protect you from a bad mortgage lender.

First, do research on your top choices for mortgage lenders. Check out the lenders website to find their physical location, list of terms, and available customer support. Secondly, beware of too good to be true claims, such as statements that this is the only company that will finance your mortgage loan. And finally, do not sign any blank forms from a lender. You dont know what they add later.

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