Who is a Mortgage Broker?
An independent mortgage broker is a mediator between a mortgage lender or banks and a homeowner. A mortgage broker will assess the financial condition of the borrower, find the appropriate mortgage products, collect the necessary documentation, advise clients on the mortgage product tailored for them and facilitate the loan approval process.
Benefits of Using a Mortgage Broker
Having said all this, why hire an independent mortgage broker? Some of the key benefits of using a mortgage and finance broker are listed below.
Assess Your Financial Situation
One of the benefits is that your independent mortgage broker will take the time to discuss your needs and circumstances with you. This allows them to determine which type of loan is more appropriate for you.
For an easier process, you will be required to provide documents for your identity and your financial situation. These documents will include a list of 100 points for identification, bank statements to show savings, ATO tax statement, salaries, outstanding loans, statements, etc. Your mortgage brokers will tell you what documents you will need to provide.
Once your mortgage broker has an understanding of your goals and financial situation, they will discuss various available credit products.
Find a Home Loan For Your Real Estate
After assessing your financial needs and goals, your independent mortgage broker explores hundreds of credit product databases from various lenders, including large banks, small banks, credit unions, and other lenders.
The database is constantly updated and has details on the latest offers by various banks. Sometimes your mortgage broker may have access to certain proprietary credit products that are not available elsewhere.
Sophisticated software analyses your needs & loan amount and matches them against all available lenders. Your mortgage brokers will recommend a product or products that meet your needs.
We will also provide you with a copy of various home loan options after comparing interest rates from various banks. The comparison rates include interest rates, fees and costs related to the loan. This is a tool to help you identify the real cost of a loan (comparison rate). Some kind of “apples to apples” approach helps to compare the packages of the loan more easily.
Home Loan Process Management
To continue, your independent mortgage broker will help you complete the required paperwork and contact the lender on your behalf. This also includes completing and submitting your mortgage application and regular communication between all sides until the mortgage is approved and settled.
Your mortgage broker is also required to look after your complaints and appeals. This is called an internal dispute resolution procedure.
Providing Home Loan Tips
There are several steps in the process of a home loan, and an expert mortgage broker will support you from the initial steps. This includes obtaining home loan pre-approval, advising on various home loan features, etc. A mortgage broker can also provide a home loan health check for free. After a “health check”, mortgage brokers can help you lower your payments, unlock equity in your home or consolidate debt. They can also help refinance if your goals and financial situation are changing.
If you are looking to refinance your existing home loan, buy a new property or an investment property, please remember Nice Loans, your Independent Local Mortgage broker. Book a consultation now!
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