How to Use an Online Mortgage Broker | Detailed Guide

It’s the beginning of a new year, and many people will have decided that now is the ideal time to finally purchase their first house. Congratulations if this applies to you! The process of becoming a homeowner is rewarding but, at times, hugely challenging too. 

In recent years, online mortgage brokers have become hugely popular for first-time buyers, since they can make the process a lot smoother. Read on to become an expert on the world of online mortgage advisors, and ensure that you’ll end up with the best deal. 

Online vs In-Person Mortgage Advisers

In most ways, online a mortgage adviser such as Trussle functions identically to their in-person equivalent. Both of them can be used to compare the different mortgage deals available to you, depending on what property you want to buy, the deposit you can afford, and various other factors. However, they can be accessed from the comfort of your own home at any time of day, making it a much more convenient option than visiting the bank during office hours.

It’s up to you to decide if an online mortgage broker is the right option for you; if so, we’re here to help guide you through the process. 

What Should I Do When Using an Online Mortgage Broker?

Again, much of the preparations you’ll make for a mortgage will be the same whether your broker is online or through the bank. Following these steps should make the process a lot easier for you.

Find Out How Much You Can Borrow

After you pay a deposit on your new property (usually 10%, but it can be less or more), you’ll borrow the rest of the cost in the form of a mortgage. The amount that you’re allowed to borrow will depend on things such as your income, outgoings, any debts you currently have, and more. 

Thankfully, services often provide mortgage calculators (or reverse mortgage calculators) that will take away a lot of the stress for you. Simply input your information and gain instant access to what you can borrow.

Read: What Does It Mean To Have Financial Power Of Attorney

Pick a Lender

Brokers will do most of the work for you in this area; once you hand over the necessary information, all you have to do is wait. However, don’t be afraid to shop around if you’re not sure. After all, this is one of the biggest financial decisions you’ll ever make and you want to be absolutely sure that you’re getting the best mortgage deal available to you.

Request a Mortgage-In-Principle

A mortgage-in-principle is an informal acknowledgment that your chosen broker is willing to provide you with a loan. Note that it’s not a guarantee but, at the very least, it’s an indicator of how much you can (roughly) borrow. Thankfully, many online brokers offer a free mortgage-in-principle that you can apply anywhere at any time.

Read: 7 Reasons Why Your Company Should Start Using A Proxy

Choose Your Property

Now that you know how much you’re allowed to borrow and what your budget is, you’re in the position to find your dream home! Take as much time as necessary for this part and don’t feel the need to be rushed into making a decision you’re not sure about. 

Overall, online mortgage brokers have made the process of buying your first home much easier. With this technology at your fingertips, you have nothing to worry about.

Leave a Comment