Find a Mortgage Broker
As the economy slowly picks up steam, the housing market has seen a significant recovery in many cities. One of the factors driving this growth has been historically low mortgage interest rates. At the same time, borrowers need to understand that there are two avenues for applying for and getting a mortgage loan: lenders and mortgage brokers.
Lenders are typically banks or other large financial institutions that provide mortgage loans and other financial services. Banks are the best and most common form of lenders.
Mortgage brokers, on the other hand, are independent and licensed firms or individuals that work with several lenders to assist borrowers in getting the most appropriate and least expensive loan available in the market. Mortgage brokers currently make up the largest percentage of firms in the mortgage loan market. Brokers are highly regulated by state and federal law to ensure compliance with mortgage lending law and practices. We have investigated and reviewed the best 10 Mortgage Brokers in the following Australian Cities:
The duties of a mortgage broker varies depending on the jurisdiction. However, these brokers have common duties regardless of location:
– Determine a borrower’s ability to qualify for and pay a mortgage loan by interviewing the client, examining the client’s credit history/report and collecting documentation that supports the client’s ability to pay back the mortgage.
– Based on the interview and a review of the client’s credit report and other documents, pre-approve the client for an appropriate loan amount. Note that this does not guarantee that the client will ultimately be approved for the amount requested.
– Identify the mortgage loan lender that will best meet the client’s circumstances.
– Gather and submit all documentation to the selected lender for processing and approval.
– Ensure that the client gets a loan that saves him or her money and that the load closes in a timely manner.
Mortgage brokers are paid by the lender. Some brokers may also charge a client additional fees. It is important for borrowers to meet with several brokers before making a choice.