Exploiting the potential of cooperation with an intermediary on the credit market is often a very profitable solution. How does the loan broker really help and is the borrower able to actually save on such cooperation? In the article you will learn the most important information regarding negotiations with a credit counselor (broker).
Improved qualifications of intermediariess
In recent years, the regulations on monitoring the qualifications of credit intermediaries have changed. The point is that most professionals from the credit industry did not have formal confirmation of qualifications. Borrowers did not quite know if they were reporting to a trustworthy person. Now the market of loan brokers looks different, mainly due to the Mortgage Act, which actually forces brokers to pass exams and qualification tests in order to be able to effectively serve clients. There is also third party liability insurance for credit intermediaries. As you can see, the credit intermediaries sector aims to achieve high standards in terms of building a qualification base and human capital.
What can you get thanks to such cooperation?
The loan broker specializes primarily in comparing the cheapest mortgages possible, which allows for generating very large savings. The best, mainly independent mortgage brokers have a considerable negotiating advantage in various commercial banks. Thanks to this, the borrower, even with relatively poor creditworthiness, is able to obtain good real estate financing. The credit intermediary also takes over a large part of the formalities for the client. This clearly saves time. Not every borrower knows how to complete a loan application or other issues related to confirming the quality of real estate. It is good if you go to an independent mortgage broker and not depend only on one or a few retail bank offers. Do not sign contracts immediately, but examine the information obtained from the adviser yourself, e.g. through multimedia mortgage comparison websites. Under these conditions, you will not make critical mistakes.