Insider knowledge - Few consumers would know the system of mortgage borrowing so let me explain how it works with mortgage brokers. There is mortgage product software that holds the details of almost every mortgage deal available. Many brokers will claim to have access to "every product on the market" and via the Mortgage Brain or Trigold mortgage product sourcing software this claim can be true.
The killer question - A lender panel is the number of lenders the typical mortgage broker is able to call upon to do business with. Some brokers will have as few as six and some almost every lender in the land. So the killer question to ask your mortgage broker is, "How many lenders are on your panel?" If your broker fudges when asked the question ask him to write down the number of lenders on the panel and sign to that effect.
Variety is the spice... - They say that variety is the spice of life and I'd say that is why most of us shop at supermarkets as we have such a variety of products to choose from. The same rule applies to the panel of lenders a mortgage brokers has access to. The more lenders on the panel the better chance you have of gaining access to the best and lowest mortgages rate
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Smoke screen and mirrors - In this high tech world that we live in many mortgage brokers will bring along a laptop pc to give you a mortgage presentation. It looks all very swish and a laptop can be a very useful sales aid for both mortgage broker and client alike. However, statements like, "We have access to over 4000 mortgage products on the market" can be just smoke and mirrors.
Don't be afraid to ask - When asking the killer question don't be afraid to go one step further by asking if your mortgage broker has access to the very best deals on Mortgage Brain or Trigold. You might be pleasantly surprised how much money this insider knowledge can save you and just what a good deal you can secure yourself.
