What Is A Mortgage Broker

With so many different banks, credit unions, building societies and other lending institutions to choose from, it can be difficult to know which one will be best suited to your needs. Fortunately, a mortgage broker can help you compare the options available and even arrange special deals.

A mortgage broker acts on your behalf to do all the hard work of applying for a mortgage for you.

What does a mortgage broker do?

Most people are aware that a mortgage broker is able to research and compare all the different mortgage types, interest rate options, and package deals available from a range of lenders. Essentially, they do all the shopping around for you to discover the best options.

However, a mortgage broker’s job is far more involved than many people realise. A mortgage broker will negotiate with various banks, credit unions, and other lenders on your behalf to arrange the right home mortgage to suit your financial goals.  All lenders have different credit policies, so a good broker will already understand which ones are more likely to be more lenient for the type of finance you need.

When the right home loan for your needs is identified and chosen, your mortgage broker will then help you complete the application process.

Filling in a mortgage application isn’t so difficult, but ensuring you supply all the necessary documentation the bank wants to see can sometimes be confusing. A good mortgage broker will walk you through the necessary forms, contracts and other documentation you need to support your application and strengthen the likelihood of getting your mortgage approved.

From there, a mortgage broker will submit the home loan application directly to your chosen bank or lender for you. When the lender issues your approval, the first person you’ll hear from will be your mortgage broker letting you know the good news.

However, a broker’s job doesn’t end when you receive your approval. The bank may need to order a property valuation to check the market value of the home you’re using as security for the loan. The bank will also issue your formal mortgage documentation, so a good mortgage broker will also walk you through the fine print in your contracts and answer any questions you may have.

Aside from working as an intermediary between you and your bank or lender, your mortgage broker also works closely with various other people associated with the process. For example, if you’re buying a home, a broker will communicate with your real estate agent and the conveyancer handling the transaction as well.

Assisting with your financial future

Just as everyone’s financial situations change over time, so do the types of home loan products and interest rate options available. The home loan you have now might have been the best option for your financial circumstances at the time you applied for it, but there may be different options available now that could be better suited to your needs.

For example, you might want to switch from a variable interest rate over to a fixed rate home loan. You might want to refinance your current home loan over to a new bank to access different financial products. You might even be thinking about selling your current home and buying another, or even purchasing an investment property.

In each of these instances, it makes sense to keep in touch with your mortgage broker to ensure you stay on track to meet your financial goals into the future.

To discuss your home loan needs with an Assured mortgage broker call 08 83 600 200 today.