What is a Mortgage broker?
“A mortgage broker is an intermediary between the borrower and the banks or lenders. Mortgage brokers usually specialises in home loans and other loans for individuals where as a finance broker specialises in business or commercial loans. A mortgage broker can help you compare the suitability of different mortgages to find a one that is suitable for you. Your broker then negotiates with banks or other lenders on your behalf to arrange your loan and manage the process through to settlement.”
Why use a mortgage broker?
“Your home loan is probably the biggest expense you will ever have. Differences in the rates, fees and features between mortgages can add up to thousands of dollars over the life of the mortgage. A good mortgage broker has access to a wide range of lenders and loans. Therefore, using a mortgage broker can make a big difference to your financial situation.”
What to look for when choosing a mortgage broker
There are some key things that you should consider before choosing a broker:
- Does the broker have access to a wide range of lenders?
- Are they experienced?
- Do they specialise in the type of loans that you are looking for?
- Is your mortgage broker independently owned or owned by a bank?
- Is the broker company a one man band, big brand or boutique brokerage?
- Does the mortgage broker company have a local broker option?
Find out more here: mortgage broker wikipedia