What does a mortgage broker really do?
You may be just starting out looking for a home loan and things may be starting to get a little complicated. Home loan shopping can be quite confusing, especially when there are plenty of different loans on the market, fees and charges and types of loans. One of the easiest ways to get past all of the home loan jargon is by getting the assistance from a mortgage broker.
Essentially, a Mortgage broker will do all the legwork for you. They can assess what your needs are and do the “shopping” for you. They will go through different lenders and banks to see if they have a product that suits you. They can then go through any questions you have and be your main point of contact when it comes to anything to do with your new home loan and the application process.
You won’t have to pay the mortgage broker directly, either. A fee is paid directly to them by you, the applicant. Instead the mortgage broker will receive a commision from the lender after the mortgage is processed and settled. This makes it an appealing option, especially if you feel a little overwhelmed by the banks and lenders and all of their requirements for a loan.
As well as helping with your first home purchase, a mortgage broker can also help you with any future purchases. You may decide to buy a second home or even an investment one day. As you would already have a working relationship with the lender, they’ll know your circumstances and will be able assist you with other loan requirements.
If you’re looking for a way to reduce the headache when applying for a home loan, you may be best to consider the help of an experienced mortgage broker. If you would like more information about what a mortgage broker can do for you, contact Go Mortage on 1300 855 244.