The term 'Whole of Market Mortgage broker' is sometimes used interchangeably with 'Whole of Life Mortgages'. Although these are similar, they are not the same thing. In general they are defined as "offers made by lenders in a single deal to a borrower in order to provide you with the lowest rate of interest available."
The difference between a market mortgage broker and a mortgage advisor lies in the fact that a broker provides his services for a fee, to a mortgage advisor will charge his clients for his services. A broker charges his fees based on commission from the mortgage company, and this fee is then passed on to his clients. If you use a broker, you will end up paying more for your mortgage because the fees that are paid by the mortgage company are generally much lower than the commissions paid by brokers. Also, since brokers can take their fee from you and use it as their own, many people find that the fees charged by brokers are higher.
When choosing a market mortgage broker, be sure to check out their credentials. You need to find a broker who is a member of both the National Association of Insurance Commissioners (NACI) and the National Association of Securities Dealers (NASD). A broker who is a member of the NASD or NACI will have the benefit of membership in two organizations that can be considered the leading associations of mortgage brokers. Brokers who are not members of these two organizations are not necessarily better, but are less well known. Before signing any documents, be sure to verify that the broker is a member of either of these two organizations.
A mortgage broker can be important to you. They can help you find the best deal for you and save you money. However, you must do your homework and research before you decide to use a broker to make sure that you are getting the best possible deal.
You can get a lot of information from websites and other sources about a particular broker. Check online mortgage websites and read some mortgage review sites, as well as mortgage magazines like Money Magazine. Before you decide to use a broker, go to their website and see if there are any references that you can get from past clients. You should also ask for references from those clients that you have already used in the past.
An important factor that you should look for in a broker is whether he or she is able to help you negotiate on your behalf when you need it the most. Many brokers will offer their clients an initial quote, but if you cannot make any headway with the broker you will need to use your own resources to find out what you need. If you have had to pay a broker to help you with the process, ask for references and look carefully at the results.