What Rights Do You Have As A Client From A Mortgage Broker?

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Mortgage advisory services are recognized by the law and regulated. Mortgage brokers must be registered with the relevant regulatory commissions and licensed to offer mortgage advisory services. Polices that holds mortgage advisory services highlights the rights a client retains when seeking services from a mortgage broker. These policies regulate the conduct of mortgage brokers. They draw the line upon where the rights of both the client and the mortgage advisor reach. You have a right to receiving the following services from your mortgage broker.

  1. Listened to. 

A good mortgage broker is always a good listener. To understand what you need and want as a client, the advisor would listen to you and fully confirm with you the nature of a mortgage that best suits your financial needs. The mortgage broker should thoroughly explore the available chances of mortgages in the market and advice on the best plans that suit your needs.

  1. Be informed about the various mortgages types and deals. 

It is your right as a client to receive information about mortgages and the different deals available in the market by the time you are hiring your broker. The mortgage broker should, therefore, fully inform you of the other deals that are available and help you understand which deals best suits your financial needs. You should be able to personally weigh on the advice given and choose any of the deals that you feel best meets your needs. However, you may also choose to leave the choice of the mortgage deals to your broker.

  1. Receive advice on which deal is best for you. 

The main reason as to why you are hiring a broker is to get their expertise on choosing the right mortgage plan. Therefore, the mortgage advisor should help you navigate through the available options and propose you with reasons what they feel is better for your needs. Mortgage brokers are experienced in this field and should be able to offer you the best advice on the mortgage plan that can best meet your needs. However, as said earlier, you should also be involved in making the decision on which method you will settle on. You voice matters a lot. Ask questions on the broker’s proposal if you get skeptical about any aspect of the deal as it is your right.

  1. Receive enough reasons as to why the broker is recommending specific deals for you. 

Times have changed, and against what used to happen in past where a broker would recommend what they feel is best for clients, some naughty groups may recommend lenders whom they have deals with so that they can get a commission. To be protected against such values, find a mortgage broker is obliged to explain enough reasons to their clients as to why they choose specific lenders as their prosed mortgage deals for their clients.