5 Things Your Broker Wishes You Knew
Mortgage brokers serve an extremely important function due to the unique nature of their relationships with lenders and borrowers alike. By accessing a large range of loan options from many different financial institutions, mortgage brokers can find much more flexible and competitive loans for their clients than the major lenders can.
The following is a list of the five most common things mortgage brokers wish that the public knew about their services.
Table of Contents
SPOILT FOR CHOICE
Many mortgage brokers lament the fact that so few people understand the nature of their services and the range of choice they can offer prospective borrowers.
Mortgage brokers track the many different loans available and their current interest rates. They compare and contrast various features and can match the client with the right type of loan for them. Lenders that offer limited products often heavily promote the benefits, but are less transparent about the downsides.
Mortgage brokers are different because they see so many types of loans and are familiar with the terminology that they can highlight clauses not easily understood by the layperson.
LOW COST OR NO COST
Most mortgage brokers offer their service to clients for free. They receive their payment from financial institutions appreciative of the business the brokers bring. Mortgage brokers aren’t beholden to one employer like bank loan officers are. They choose the best loan products available because their allegiance is to the customer first. A mortgage broker in Central Coast or in any other area thrives on finding the best deals. Their business is built on referrals, repeat customers and outstanding customer service.
WHEN ‘NO’ BECOMES A MAYBE
Mortgage brokers agree on one thing; a borrower’s dreams need not be dashed by the denial of home loan approval by one of the big lenders. Many customers approach mortgage brokers as a last resort after being turned away by other financial institutions. They are delighted to find that often the definite refusal they experienced is not set in stone.
The power of multiple choices means that there are lenders willing to finance all kinds of agreements because the formulas they use to assess risk and serviceability are slightly different or more flexible. Often, it is simply a matter of perseverance and comparing multiple loan conditions to find the best deal.
LICENCED AND REGISTERED PROFESSIONALS
The mortgage broker industry operates under strict regulation and there are a number of well-respected and powerful bodies who monitor the actions of all its professional members. Clients are encouraged to check that their broker is a registered member and is conducting business under the watchful eye of the law. Strictly avoid any broker that is not a member of these registered bodies.
THE RIGHT GUIDANCE AND PRE-EMPTIVE ACTION
Mortgage brokers wish that more people would consult with them before lodging a loan application rather than afterwards. A broker can analyse one’s situation and anticipate any difficulties that may arise during the application process. They can then advise actions and strategies to improve the borrower’s position and increase the likelihood of application approval rather than rejection. There are often issues that are obvious to a trained eye that will be overlooked by those seeking a loan. Just a few words of wise advice can make all the difference.
When considering applying for a home loan, first, arrange an appointment with a mortgage broker to discuss the specific details of your situation and needs. You will discover a level of service and friendly support that surpasses anything the major lenders are able to offer and you are much more likely to have your loan application approved than by doing it alone.