When it comes to getting a mortgage, is it better to go online or with the traditional, face-to-face brokers? Find out which is best, right here.
The internet has made a lot of things, a lot easier for us. Never before have we been able to pretty much purchase everything online – including mortgages. When it comes to using an online mortgage broker, are they the best way to go? Or, is it better to opt for those traditional, face-to-face brokers? Well, we look into it, in our post.
We’ll be comparing the difference between online and face-to-face brokers in our post. Weighing up the pros and cons of both, in order to find out, once and for all, which is the way to go. Find out, right here.
Online Mortgage Brokers – Pros
So, first let’s look into the pros of using an online mortgage broker. For a start, it’s much more convenient. Only with online mortgage brokers can you sit in the comfort of your own home and explore your mortgage options. Without the need to schedule appointments with other mortgage brokers, you can sit back and relax whilst searching for your brand-new mortgage. It’s a lot quicker too. Normally, you could wait weeks to find a time when both you and your mortgage broker are free, but with an online mortgage broker, it’s quicker, simpler and more convenient to find you a mortgage.
Most online mortgage brokers do not charge a fee to use their services. Face-to-face brokers can either charge you an hourly rate for their services or charge based on a percentage of your mortgage – the bigger the mortgage, the more you could pay. But, with an online mortgage broker, it’s free. More importantly, you could get better coverage of the market. Some brokers may not provide a wide overview of the mortgage market, meaning that you could be missing out on a great mortgage deal. Not ideal. So, the pros of using an online mortgage broker? More convenient, faster, better choice and a lot cheaper than using a face to face broker.
Online Mortgage Broker – Cons
Whilst it may seem ideal to do everything from the comfort of your own home, for free, it’s not for everyone. There are a few things that some online mortgage brokers lack, and that is the personable service. You won’t meet your mortgage adviser, and you won’t get able to ask questions or get a lot of assistance with your application as you progress through. Mortgage applications can be tough to understand, and if you want someone who knows their stuff, sometimes your computer screen won’t do. One thing that traditional brokers have over online ones is that there are years of expertise backing them. Most online mortgage brokers are set up with millions of pounds of funding, but no experience of expertise in the mortgage sector. So, if you’re looking for a professional, personable experience, online mortgage brokers may not be ideal.
Traditional Mortgage Broker – Pros
Like we’ve said above, traditional mortgage brokers have a lot more experience then their online counterparts. In order to be a mortgage adviser, working in a brokerage, there’s a lot of training you have to do, and qualifications you must achieve. It’s not something anyone can do, and it takes a lot of hard work and knowledge of the mortgage market to find a mortgage that’s right for an individual. More importantly, there is that personable service. You’ll be able to meet with a traditional mortgage broker; discuss your mortgage options and even ask any questions you might have about the mortgage application process or even find out more information on the different types of mortgages. If you can find yourself an independent broker, they’ll be able to give you impartial advice about your mortgage options. Whilst some traditional brokers charge, it’s not all of them. Some get commission from lenders for providing you a mortgage, which means instead of billing you, they bill the lender – meaning it’s free for you to use them (however, this is dependent on the brokerage).
Traditional Mortgage Broker – Cons
Whilst some don’t charge fees, many face-to-face brokers will, which of course isn’t ideal if you consider all the other fees that come with mortgages. We’ve mentioned above that brokers can be slow, through no fault of your own. Trying to arrange a meeting with a mortgage adviser who doesn’t work evenings or weekends can be tough, especially if you’re in full time work. At least with an online mortgage broker you can search at any time. Your mortgage process can be significantly slowed, especially if you’re waiting around for a mortgage broker to have some free time to meet you. If you’re not keen on waiting around or don’t want to risk paying fees, traditional face-to-face brokers may not be your ideal choice.
It’s pretty tied, and both have their pros and cons. For a personable, knowledgeable experience use a face to face broker, ideally one that is independent and won’t charge you fees (if you can find one). However, if you want a fast, simple and convenient mortgage journey, use an online mortgage broker. Both works equally well, it’s about what is best for you.