Most mortgage customers, when they apply for a mortgage or refinancing with their banking institution, are treated like just one more number in the enormous pool of mortgage applications. The primary goal of the mortgage broker is to get you approved with not only your bank but also all other lenders so you can get the best possible rates available.
Most mortgage customers either do not shop around or fail to complete an application because they don’t know how to start or simply expect that the bank will give them the most suitable mortgage deal available. This is why it’s crucial that you use mortgage brokers who will work on your behalf and search every lender in the market place to find what you need at the lowest possible cost. For instance, some banks will charge substantial fees even if you decide not to proceed with mortgage.
The mortgage broker has the option of using a mortgage consultant or mortgage adviser to locate potential lenders and then use their mortgage broker contacts and mortgage broker licenses to obtain mortgage quotes from them and return those quotes back to you for your review and approval before applying.
Most banks will want a large down payment (normally 20%) as well as extremely high interest rates, although this is not always true depending on the type of loan being applied for. Mortgage brokers have access to products that banks do not offer including 95% LVR loans as well as fixed interest rate discounts offered by certain lenders so if you are looking for a lender who offers competitive fixed rates then speak to a mortgage broker first. A mortgage broker is the one who will compile mortgage quotes from different lenders, analyse them and present you with mortgage options. Mortgage brokers are paid by commission so you should be wary if a mortgage broker does not offer to receive their payment through the home loan they have provided for you.
The mortgage agent has access to all products available throughout various banks which makes them experts in getting clients loans that suit their needs best.
If you are looking for additional savings on your mortgage then speak to a mortgage adviser today because they can assist you with your existing mortgage or help you purchase your dream home. The mortgage adviser will be able to compare interest rates, set up automatic deductions out of your bank account and alter your current repayment plan allowing for extra repayments.
By using a mortgage broker, you will have access to whole of market advice, so the mortgage broker will be able to search the whole market for the right mortgage for your individual circumstances, and they will not be tied or limited to a particular provider.
There are also some lenders that offer their products through mortgage brokers and do not deal directly with the public, so again you will have more choice.
Mortgage brokers are also fully regulated and work under statutory regulation, so should treat you fairly and should recommend the mortgage that is most suitable for you.