The mortgage broking process… Blog article
So you’ve saved money for a deposit and you’re interested in buying a property – but what happens next? There are various things to consider such as the amount you can borrow and finding a property in your price range. It can be an overwhelming process – especially if you’ve never gone through it before – and that’s where a mortgage broker can help.
A mortgage broker essentially acts as the middleman between the lender and borrower. They have access to a wide range of home loan options through the lender they’re accredited with and their role is to find you the best loan possible for your financial situation and the information you give. It’s a service for one of the most important purchases you’re likely to make so it pays to shop around to get the right help and advice.
It can be an overwhelming process – especially if you’ve never gone through it before – and that’s where a mortgage broker can help.
You can find a mortgage broker online, through word of mouth or by recommendation – do your research before committing. They meet with you at a time that’s convenient and Initial meetings will focus on your financial situation and working out exactly how much you’ll be able to borrow. The bulk of their work involves researching the hundreds of loans in the market from a selection of lenders and shortlisting the best ones that suit your needs. And to make life a whole lot easier, your broker will handle all the necessary paperwork needed to get your loan locked in, including chasing up finance.
You don’t pay for the mortgage broker either – they receive a commission from the lender once the loan is settled. If you’re time poor and you’re not sure where to start researching loans yourself, a broker can take the headache out of it all and ensures it’s a seamless, easy process.
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