What is a Mortgage Broker?
A Mortgage Broker is a ‘third party’ person who helps facilitate a mortgage between a borrower and a lender.
A Mortgage Broker acts as an intermediary between the client and the lender to negotiate a loan for the purchase of property, refinancing existing loans, debt consolidation and the like.
In the competitive mortgage market and with so many home loans available today, a Mortgage Broker will guide you through the mortgage maze and help select the best loan product for you, taking all aspects into consideration, ie. Budget, future plans, lifestyle etc.
The fundamental difference between Mortgage Brokers and loan officers at lending institutions is the latter can only offer their clients the loans offered by their institution or lender.
A Mortgage Broker should have access to over 20 lenders who offer a wide range of loan options which they will research to find the loan which best suits the client.
A Mortgage Broker should work closely with you in preparing the loan documentation, submitting the application & liaising with both you & the lender through the loan process all the way to settlement.
A Mortgage Broker will be a valuable resource when looking to obtain finance for one of the biggest purchases you are likely to make.
While using a Mortgage Broker can result in substantial savings in time and money for borrowers, choosing the "right" Mortgage Broker is the key.
Checklist for Choosing a Broker:-
* A Full-time Mortgage Specialist
* A Member of the Mortgage and Finance Association of Australia
* Part of a reputable company with support and professional training
* Happy to disclose fees and commissions
* Covered by Professional Indemnity Insurance
* Have access to a broad panel of Financial Institutions (20+)
* Have specialist software to compare home loan products, qualify borrowing power and electronically submit loan applications to Lenders
* Have a detailed customer charter setting out how they work
So, Why Use a Mortgage Broker?
At Lake Macquarie Home Loan Centre we have access to over 35 home loan lenders and 20 commercial lenders including the major banks.
Our 100% FREE SERVICE will save you time and money by comparing all their products in one place. It gives us a whole range of finance options for all types of borrowers.
Our consultants have many years of experience in the finance industry. They will compare numerous lenders to find the one which best suits your situation. Their experience and knowledge will be invaluable in structuring the loan, to ensure an approval is received in a timely manner.
Your Consultant will help you throughout the process and will:
· Assist you in completing the loan application, professionally package it with your supporting documents, and submit it to your chosen lender.
· Liaise with your lender and advise you of progress of your loan through to settlement.
At Lake Macquarie Home Loan Centre we aim to be ‘Your Mortgage Broker” for Life. With your permission, we aim to maintain ongoing contact with you after your loan has settled, to keep up to date with market changes, to assist with your existing and future financial needs and to provide invaluable mortgage understanding.
How much does it cost? / How do we get paid?
Our services are 100% FREE.
The Lender you choose from our panel will remunerate us for introducing new business. This does not affect the total cost and the interest rate of your loan.
We disclose our commissions to you in our Finance Broking Contract.
