Given you’re here reading this article, surely you must be on the lookout for a mortgage, Adelaide broker, Zanda Wealth. While the process is not the hardest, it can sometimes be overwhelming.
What is mortgage broking? Is it time taking? What is the mortgage going to be like?
While you are in Australia, you can use the help of home loan brokers Sydney to rid you of all your loan worries. For others, don’t worry! This article has some top points for you to remember as you workout the Mortgage Broking process. So, read on.
Table of Contents
1. What is a mortgage broker?
By definition, a mortgage broker is a company or person that can arrange the home loan or mortgage between the borrower (you) and the mortgage lender. These people work with the borrower directly to zero down on the mortgage they need and the best-suited deal.
2. Why should you use a mortgage broker?
You should research the comparable sales in the nearby area before starting the buying process. Once you are done with this step, using a mortgage broker can help you navigate through each stage of finding and, thereafter, applying for a mortgage.
Moreover, you can opt for home loan brokers Sydney for a seamless home loan process when buying the house and the best deals available in the market according to the individual circumstances.
You also get fee management service; this fee includes application fees, origination fees (can be between 0.5% to 1% of the loan you take), and potential appraisal fees.
3. What are the services offered and duties of the mortgage broker?
The services offered by a mortgage broker include:
- Aiding the borrower in accessing the financial situation
- Suggesting the best-suited mortgage or home loan for the client’s needs
- Going through the available deals to figure out the ones that match the criteria of the client
Additional mortgage broker duties generally include:
- Marketing the services to prospective clients
- Educating themselves and assessing regarding the financial position and the situation of the potential borrower
- Helping the client to obtain the pre-approval for the mortgage loan
- Collection of relevant documents such as payslips, bank statements etc,
- Completing the final mortgage application loan
- Making sure that the legal disclosures are thoroughly understood by the borrower
- Submitting all the required documentation to the lender
- Ensuring that the lender will source a capital-saving offer for the client/ borrower
4. Mortgage Brokers vs. Loan Officers
Loan officers are generally in connection with only one institution. These officers offer deals for mortgage loans and rates from the specific institution that they are in association with.
On the contrary, mortgage brokers work on behalf of the client or borrower to find the right lender who is well-suited for the needs of the clients. They have the job to screen several options for the borrower.
Although, you must keep in mind that not all these lenders will work with the mortgage broker.
Moving into a new abode is one of the most exciting yet overwhelming of experiences. And with buying a home, comes the pressure of mortgage. Investing your time and money in a effective and reputable mortgage broker can help you get the best deals and even save some of your hard earned money.
Now that you are aware of the nitty gritty of mortgage broking, you will be able to make informed and reasonable decisions on your journey to the perfect home.