What's the job of mortgage broker
A mortgage broker provides financial services, selling loan products of banks or other lenders.
Acting as the go-between a client and a lender, a good mortgage broker works with the client to:
Understand your needs and goals financially
Figure out what you can afford to borrow
Compare and contrast loans from a number of different lenders
Find the best option with some alternatives to suit your situation
Manage the mortgage application process through to settlement
Legally, brokers must to be licensed with registered memberships and representatives, in order to provide clients credit services. You can check it online, to make sure your broker operating legally.
5 advantages of mortgage broker
In most cases, mortgage brokers offer clients with complimentary services. Brokers normally get paid from banks or other lenders for selling their products. (*In some certain situations, your broker will charge you a commission – a fee paid to an adviser or salesperson).
Being benefit from their knowledge and experiences, brokers help clients to understand those financial terminologies (for example, interest rate, fix rate or variable rate), lending policies, as well as how a specific loan option works and costs.
The entire application process is complicated, stressful and time-consuming, and brokers can make it easy. They manage the process in a well-organised way, and they negotiate on client’s behalf with lenders, which can save client’s time and energy.
Compare to banks or other lenders, mortgage brokers are client-centric. They are capable of assessing clients’ financial situation, and based on that, provide with recommendations which best suits the client’s needs.
Mortgage brokers help clients to get a better deal. They can negotiate lower interest rate and higher loan LVR for clients.
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