A wide range of options exist for you on the market. A mortgage broker is able to:
• Evaluate your financial situation
• Look for a loan that suits your needs
• Handle your application
• Offer advice at all steps of the process
The mortgage brokerage business is changing. In certain countries there are laws that protect consumers and ensure professionalism in the finance sector by placing the responsibility for this on mortgage brokers. The biggest purpose served by this is that the customers are protected against any contracts that may be unfit for you.
As per those responsibilities, the brokers are usually needed to look into the customer’s financial condition in detail, make sure their requirements are well represented in the contract and finally evaluate whether the loan is best suitable for the customer or not.
1. Evaluate your financial condition:
The broker will spend time discussing your requirements with you and attain an understanding on what type of opportunity you are looking out for. They will ask to look into your financial documents (which could include but would not be limited to bank statements, tax returns, pay slips, any previous loans) and identity proof. Only after gaining a grasp of your goals and financial condition will the broker move on to make you aware of the different loan options available to you. He/she should be able to bring to the table expert comparisons of all the options and enlighten you on the repayment options plus initial and current costs.
2. Look for a loan that suits your condition:
Just the way Google search will bring to you information, ranging from a one liner to full articles about a topic, your broker should also be able to provide such in depth details on loans.
From small banks to credit unions to major banks, your broker will search in every crack and crevice to bring to you information on loans which may be so exclusive that it may not be available anywhere else.
The broker is tasked to keep his list continuously updated to avoid any loss on the part of his client.
After presenting to you all the available options, his role is then to make recommendations and give you expert comparisons on the interest rates and any other costs.
3. Handle your application
The dreadful moment finally arrives, the paperwork! Oh, but worry not, if you have a broker then they should do this for you and also represent you in front of the loaner. Your broker will keep you posted at each step through the process from compiling all necessary documents to submission and all the way until approval. They should also be able to successfully bring you at par with the procedure for complaints against the loaner.
4. Offer advice at all steps:
The approval of a loan is not as simple as it may have sounded to you so far and the broker will assist you right from the start up to all the way down to final settlement. In fact, they may not stop there, a good broker may be able to take you through your repayment plan and help out with your refinancing!checkout latest information at http://www.smh.com.au/business/banking-and-finance/mortgage-brokers-to-remain-in-spotlight-after-asic-review-20160506-goo666.html
If you have not yet hired a mortgage broker, then this may be a good time to get one.