February 25, 2021

The importance of the credit broker for a mortgage: useful opinions and advice

2 min read

The figure of the broker or credit broker has been regulated in Italy in a timely and well-defined manner only for a few years, to better protect consumers. This does not mean that it is a profession that besides being conditioned by chiaroscuro points, inevitably leads to the need to have to pay additional commissions.
Therefore it is necessary to evaluate carefully if the added value obtained with the intervention of the broker specialized on mortgages is really the extra expense that must be paid. The evaluation of the surplus of quality or convenience depends on different types of needs, but there are some that are of a certain relevance. You can choose the Mortgage Brokers Manchester there.
When the practice of mortgage is very difficult or you encounter difficulties with the banks
A good broker has a good knowledge of the banks that operate in the area in which he works (in cities like Milan, Rome, Turin there is more choice for obvious reasons but in smaller centers he compensates himself with more in-depth and close knowledge with the bank staff), and above all a network of relationships structured in such a way as to guarantee a diversification of the offer according to the different needs. Once you understand the problem that makes a loan request difficult, you can reorganize the documentation (see also Documents for mortgage), advise on the amount actually to be requested, and above all contact the bank that has a credit policy that in the specific case increases the possibility of obtaining the requested sum . To all this is added a constant presence, which should goad the bank’s staff, until the time when we meet in front of the notary (see also Notary’s appraisal and estimate).
When you can get agreed rates
The most experienced brokers, who have shown certain professionalism and a vast clientele, manage to negotiate with the banks on the rates. This means that by applying to them we obtain reduced spreads. It could be objected that in any case this advantage is not obtained for free, because there are the commissions to be paid to the broker himself for the loan obtained with his intervention. E ‘in any case to consider that the spread produces effects over the decades and the calculation of interest is composed, so the saving over time almost always exceeds the expense that must be sustained immediately .
What must a credit broker guarantee?
Professionalism and fairness are the first requirements. A professional broker will make a contract where the percentage foreseen for his intervention is specified and will never require any down payment or amount (a small sum, up to 1000 euros, can be deducted). Finally, the mediator will have to clearly highlight the moment in which the commissions must be paid, which should not anticipate the moment in which the bank is ready to detach the check.

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