When it comes to finding a mortgage, who is better to use: an online mortgage broker or a face-to-face one? Find out, right here.
So many things are available online now. We can get food, clothes, and more all off the internet. And, one more thing we can now get is a mortgage – from an online mortgage broker. However, in a world of advancing tech, is an online mortgage broker the right way to go? Or should we stick to using the traditional face-to-face mortgage brokers? We examine the pros and cons of both, in our post.
In this post, we’re looking at both mortgage brokers and online mortgage brokers, to see ultimately which is better. We’ve spoken to a leading mortgage broker in Chelmsford and Essex, about the pros and cons of using both online mortgage brokers and the traditional ones. Find out who is better, right here.
Mortgage Brokers (Traditional) – Pros
Whilst online mortgage brokers may have a lot of tech behind them, there is one thing they may be lacking in – experience. Yes, a traditional face-to-face mortgage broker has training, qualifications and, hopefully, years of expertise behind them, which means they can assist you in navigating the mortgage market with unrivalled experience and knowledge. All of those working in a mortgage brokerage must be fully qualified and trained, so they know everything they need to about the mortgage industry.
Some of us may favour a personable service too, which we can’t get online. There’s no one to sit down with and discuss your mortgage options and answer any questions you may have. The advantages of having someone to assist you throughout your mortgage application is ideal, because if it’s your first time, someone who knows their stuff is so helpful.
They’ll be able to specifically recommend mortgage option that are suited to you, as well as meeting you face-to-face. Some brokers offer a free service, as they take commission from the lender when selling mortgages. However, they’re not without their flaws…
Mortgage Brokers (Traditional) – Cons
It isn’t easy finding a face-to-face broker that doesn’t charge fees. Most will either charge percentage of your mortgage or bill you hourly for their time. This isn’t ideal when you’re trying to get a mortgage, as you don’t need extra costs on top of something already fairly expensive.
More importantly, it’s all well and good meeting with a mortgage broker for a personable service, but when you can’t schedule in time to meet them, it can be difficult. It delays the process, as most brokers won’t do evening or weekend appointments, and when you work full time, it can be hard to fit them in within your week.
All of this means that getting a mortgage slows down, and halts in its tracks. If you can’t find time to meet with your broker to discuss or sign paperwork, then your mortgage, ultimately, will be delayed – which isn’t ideal.
Mortgage Brokers (Online) – Pros
However, going online can be a way to negate the need to schedule appointments. Online mortgage brokers offer a hassle-free service, where you can search for a mortgage from the comfort of your own home. There’s no need to make appointments, you can do it whenever and where ever you have an internet connection.
With an online mortgage broker, finding a mortgage is simpler, more convenient and in some cases quicker. Also, it’s not uncommon for most online mortgage brokers to be fee free – meaning that you won’t have to pay any extra fees on top of your mortgage (although, it is dependent on the online mortgage broker – some may charge).
Online mortgage brokers tend to provide a better overview of the market, as long as they’re independent and not linked to any banks or other lenders. If you’re not getting a wider coverage of the mortgage market, you could miss out on a deal that’s right for you. However, online mortgage brokers aren’t perfect either…
Mortgage Brokers (Online) – Cons
Some may miss the personable service of a traditional mortgage broker. It can be very useful having someone answer any questions you may have about the mortgage process, as well as assisting you with filling in your mortgage application. Like we’ve already mentioned, some online mortgage brokers can lack the expertise that their face-to-face counterparts have. Whilst they may have a lot of funding behind them, it can’t compare to mortgage adviser knowledge and training.
Both have their pros and cons, and it’s largely dependent on what you’re after. If you don’t want to pay fees on your mortgage and want a convenient mortgage search from the comfort of your home, online may be ideal. For those that want a professional, personable service with an expert, traditional mortgage brokers may be the ideal option for you.