The first – and also the most important – step on the road to buying your home is the choice of a mortgage broker. Especially if you are going to sell for the first time and the sales process is still unknown territory. A broker should be a reliable ally who will guide you through the sales process with all his or her professional knowledge and with a smartly chosen strategy. Your choice determines whether you get the maximum result from it.
Even though you can’t be 100% relying on the broker, you still have to have one for possibly one of the biggest purchases you ever make: buying a house. So how do you find a good one?
To find the right broker, it is important to ask the question: what is the added value of a purchase broker for me? So: what can the broker do for me that I cannot or do not want to do myself?
Ask critical questions
Here are some questions to ask before hiring a mortgage broker:
- Does the broker know what you exactly want?
- How will the broker assess the value of your future property?
- Does the broker have enough experience in the field?
- What are you looking to receive from the broker? It could be finding the property or helping to negotiate the price.
And of course any personal questions that you might have such as selling assets that may include things like business, property, or and selling an unwanted car to scrap cars removal companies.
Negotiate the costs
Before hiring one, you should have a conversation with the broker talking about what services you will be provided and negotiate the costs. The amount you will be charged by the broker isn’t a fixed one nor it is stated by law – it all comes down to your negotiation terms. Most mortgage brokers charge a percentage from the amount of property you are buying. Note: Upfront commission is the most common and this is often between 0.3-0.7% of the loan value.
Remember that a mortgage broker can pay for itself in the negotiations. Avoid the form of subscription or costs that are not compensated by a clearly delivered performance. Only pay for services provided, and afterwards, if you know which services the broker has provided.
Working with a broker? Make sure to keep in touch
Keeping in touch with your broker is very important. Regardless of the length you went to hire your broker, you will only find out the accuracy of your choice once you are in the process of buying.
If you feel like your cooperation with the broker isn’t going the way you wanted you should be looking to end the terms immediately and with minimal costs. For this reason, you should discuss the terms of early termination with the broker beforehand.
Word of mouth when it comes to finding brokers
Ask friends, acquaintances or people in your area which broker(s) they know and what their positive and / or negative experiences are. Were they satisfied with the end result? How did the contact with their broker go? Were agreements made? And so on. Ask as much as possible.
In addition, view the reviews of people who previously worked with the brokers that seem suitable for you. Almost all brokers mention these reviews on their own website, but they can also be found on different review platforms. Do not only look at the report mark, but also read the reviews. This will give you a good idea of the broker’s way of working and the experiences other sellers have with them.
Meet multiple brokers
You are going to hire someone to help you with one of the biggest decisions of your life. Someone who has to get the most out of it for you. Whether that is a maximum yield or the fastest possible sale.
Therefore, look for a broker who understands your wishes and knows how to act accordingly. Make an introductory appointment with a few candidates who seem suitable based on your preliminary research. This way you will find the right person who matches your personality, who professionally maps out all your needs and who will approach interested viewers for your home in the right way.