Monday 14th March 2016What Can a Mortgage Broker Help Me With?
There is a broad range of loan products as well as lenders and credit providers to choose from that may seem overwhelming to you. Brokers can help you find out appropriate loans and credit packages as well as arrange special deals for you. A mortgage broker negotiates with banks and other lenders on your behalf to arrange your loans. There are a variety of loan options that a broker can offer you.
There are four things that a mortgage broker can do for you: assessment of your financial circumstances; finding a suitable loan depending on your situations; managing your application process; and providing helpful and appropriate advice at every step of the way.
● Assessment of financial circumstances. When you sit down with a broker, he or she will discuss with you matters concerning your needs and circumstances. By doing this, the broker will know the type of loan that is most suitable to you. You should provide identification and financial documents to support your application for a loan, such as savings account, tax returns, salary slips, outstanding loans, if any, and other documents to help the mortgage broker assist your financial situation. The broker should provide you with products option and inform you about the mortgage terms and repayments as well as other fees that you have to pay upfront.
● Finding a suitable loan. The broker will tell you the loan products that are available and applicable to you depending on the information that you provided. Brokers are usually associated with several lenders and their products. The broker will search his or her database of loan products, including those of major banks, credit unions, and other lenders. These products are constantly updated and there are times when the broker can also have access to exclusive loan products not offered elsewhere. Afterwards, your mortgage adviser will recommend matching products based on your needs and preferences. You may also ask for a copy of rates so you can do your own comparison.
● Managing the application process. Depending on you, your mortgage broker will help you process the paperwork. He or she will also liaise with the lender for you. You simply have to complete the form and the broker will do the rest of the job for you.
● Giving you advice at every step of the way. Loan processing is very tedious, and frightening especially for first time applicants. Many steps are involved in the process. If you are new to loan applications, you really need a professional mortgage broker to help you process your application. One of the things that the broker can help you with includes pre-approval, where your loan is approved initially depending on certain conditions.
Brokers have different qualifications and affiliations. When looking for a mortgage adviser, you need to look for a licensed broker. Make sure that you are dealing with someone legitimate. Better ask for the broker’s license or look at reputable brokering websites before you contact a broker. You can also ask referral from friends and relatives.
Find someone with enough experience. While it is not required that a broker be experienced as long as he or she possesses the qualifications, it is often better to seek advice from those who already have vast experience when it comes to brokering. Read the profiles of the brokers whom you wish to speak with. When you are meeting with the mortgage broker for the first time, you should ask him or her about the clients that he handled as well as other related matters. This will also give you the opportunity to know about the broker and how he deals with his clients and his transactions.
Look for a broker who can answer your questions satisfactorily. There are brokers who explain to you things that you don’t understand and there are those who simply tell you what to do. Go for the broker who can help you understand the things that you do not know.
He or she should be independent and should work to the best of your interests. Ask about how the broker is paid, whether upfront or through the lender. Also, ask about his or her affiliations. Some brokers may be limited to a particular set of products only, like for instance when the credit provider does not pay commissions. In this arrangement, the broker may not include on the list the products offered by the said lender. To get the most of the services of a broker, you should talk with more than one broker so you will be able to compare their charges and fees as well as the products that they offer.
A finance broker can save you a great deal of time and money. Make sure to do your own research and ask questions so you can find a loan that meets your preferences and offers value for your money.
1300HomeLoan is one of Australia’s respected mortgage broking companies. Every 1300HomeLoan mortgage broker has access to more than 30 different lenders all over the country, all whom are offering competitive product solutions. We have brokers in all capital cities including Sydney, Adelaide, Brisbane, Melbourne, and Perth. You can also find our brokers in most major regional cities. If you cannot find someone near your location, you can call our customer service representatives at 1300 466 356 so we can connect you to a suitable mortgage broker in Australia.
Trust that our mortgage brokers are competitive to handle your mortgage enquiries and transactions. They underwent our rigorous evaluation process and we made sure that they are qualified to handle brokering transactions. Whether you want to purchase a new house, refinance a loan, invest in a new property, or simply looking for financial advice, you can always call us or send your queries at firstname.lastname@example.org. You can also visit our website to arrange for an appointment. Your meeting with our brokers is absolutely free and confidential.