The quality of cooperation with mortgage brokers has improved significantly in recent years. It is through intermediaries that fifty percent of all contracts go through. Why is it worth establishing cooperation with an intermediary and what regulations affect the indicated sector the most?
Only a few months ago in the industry there was a big discussion on the planned changes in the mortgage act. Until now, commercial banks have paid brokers a commission system that is very flexible in exchange for acquiring new borrowers. The new changes were to relate to shifting the burden of payments for the services of an intermediary directly to the borrower, which did not cause too positive emotions. Finally, the changes indicated were withdrawn to the benefit of intermediaries and borrowers. This aroused even greater interest in working with independent experts. It is worth knowing that there are fully independent intermediaries on the market, as well as those closely connected with specific retail banks. Of course, it’s best to compare all mortgage offers, which gives you the chance to pick the cheapest commitment possible. The broker operates in accordance with the provisions of the Mortgage Credit Act, as well as in accordance with the terms of the Consumer Credit Act. The Polish Financial Supervision Authority has recently included more monitoring in the credit brokerage industry to rule out formal violations.
An intermediary with a large borrower base
which has been on the market for many years, has considerable negotiating advantage and guarantees greater flexibility to clients with average creditworthiness. If the broker actually verifies the individual creditworthiness, including the situation of the household is able to convince the bank to establish cooperation through the confidence built up so far. In banks, the borrower’s individual analysis is rare. The analysis is very schematic, even automatic, without paying any attention to specific elements of shaping income. The broker, on the other hand, is responsible for the individual treatment of borrowers and sees what conditions must be met in order to obtain a mortgage in the selected bank under normal conditions. The market of credit intermediaries in the country is developing quite dynamically. You can meet brokers affiliated with larger brands or experts operating entirely in the area of recommendations. This broker takes care of completing the formalities, planning a rational valuation, and even monitoring the real estate market in search of attractive offers from developers.
Do not give up the intermediary
Because cooperation in the initial stage costs nothing, and consultations with a specialist allow you to assess your own economic options. There is also a considerable negotiating advantage by so-called purchasing (credit) group. The brokers operate in accordance with the regulations, quite strict, so there is no significant violation here.