3 Reasons to Use the Services of a Mortgage Broker

Mar 6, 2023 | Uncategorized

When it comes to mortgage agents and their responsibilities, there are plenty of myths and misunderstandings. A mortgage broker is a licenced specialist who must meet educational and professional conduct standards, as well as pass background security checks, in order to receive this credential.

What Distinguishes a Mortgage Broker from a Bank?

A broker can never be connected to your local bank. Each one has a distinct role and function. An independent mortgage broker in Hobart, Sorell and Tasmania is just that: they are unaffiliated with any specific lender. This means impartial advice.

They are essentially specialists in the field of mortgage lending who have been educated and approved. Their first priority is to serve you, and satisfy you and not the lender. They look through the mortgage market for the best cost, terms, and product for you to benefit from. They also provide debt consolidation and credit recovery solutions.

The best part is that a mortgage obtained through a broker works in the same manner as one obtained through a local lending institution. You also get solutions for online banking, faster transfers, and pre-payment options. It’s easy and painless.

Why Should I Use a Mortgage Broker Who is not Affiliated with a Bank?

Any major lender in Australia has direct access to mortgage brokers. If you are dealing with a chartered bank, a trust or insurance firm, or a private lender, each has its own set of rates and product features. The most important thing to remember is that many of these lenders can only be reached through a mortgage agent. You will want to make sure you have the right one for you.

If you have chosen where to apply, the way you present your application and who you send it to will have a big impact on whether or not you get a loan. A mortgage broker in Hobart, Sorell and Tasmania is qualified to present the application in such a way that it receives a prompt and positive response. Based on the requirements of the lender, a mortgage agent will secure your financing within 3-4 days.

Who is Liable for Paying the Mortgage Broker?

When a residential mortgage is completed and financed, mortgage agents are charged a “finder’s fee” by the lender. As a result, the majority of brokers do not charge their clients for their services. Make sure that you ask the mortgage broker upfront if the lender will be paying their fee to avoid any misunderstandings.

The use of mortgage agents continues to expand in leaps and bounds each year as more people gain a deeper understanding of what they do, according to independent statistics.

If you are thinking of hiring a broker, ask your neighbours or colleagues who they know or who they have worked with previously. Learn about the mortgage broker in your Hobart, Sorell and Tasmanian locality that you have chosen. Do they have a relationship with a lender? What are their options for obtaining a mortgage? Ask if they can come to your office or home to negotiate a lender’s offer if you are a busy person. Most significantly, recommend that the broker check your credit bureau.

Note that dealing with a large bank that only provides one “posted” rate will cost you thousands of dollars. Why spend money you don’t have when you don’t have to?