Financial Advisory Blog

What does a mortgage broker do?

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Are you looking to buy or remortgage a residential or commercial real estate property? If so, then it might be beneficial for you to seek the services of a mortgage broker. Why? Because a mortgage broker can help you find the right mortgage at the ideal rate and guess what. You don’t have to waste your precious time and go through the tedious process of dealing with the intricacies of your mortgage application all by yourself. A mortgage broker will instead do that for you.

What is a mortgage broker?

A mortgage broker is an individual who bridges the gap between the lender such as a bank, the owner of a building and the buyer/borrower. The mortgage broker is a professional who knows all the ins and outs of the mortgage industry and can help you strike a better deal as well as give reliable advice that can come in handy. Moreover, a mortgage broker is someone who facilitates you by managing your application right from the beginning to the end by researching, taking your input and dealing with the lenders on your behalf.

What does a mortgage broker do?

Assess, research, and advice

A mortgage broker’s job is to help the people looking to get a mortgage and so they take out the time to listen to you, assess your financial circumstances, and determine the type of mortgage that will be right for you.

A mortgage broker understands the concerns of people looking to mortgage and get to work after carefully analyzing the financials of the borrower. They do their research and then present the best available loan products. The best part is that they lay it all out for their clients by comparing different products, proposing as well and devising the payment plan. Moreover, they even provide valuable advice at different steps such as the time of pre-approval (when your loan is approved), settlement, and health-check to make sure that you get exactly what you are looking for.

Get you the best deal

There are hundreds if not thousands of different loan products available from different lenders which include banks as well as credit unions. On top of this, the loan products continue to change as new deals come in while some become outdated. Mortgage brokers, like Owemanco, compare not only the interest rate but the lump sum fee off all the relevant loan products and then helps their client get the very best deal out of the lot. Mortgage brokers even have access to exclusive deals due to their connections with the lenders and they can help their clients get these deals.

Manage

Once a suitable loan is found, the mortgage broker handles all the paperwork and deals with the lender as well. This process of completing and submitting the application along with facilitating communication between the concerned parties can be quite stressful if you do it on your own.

In Conclusion

A mortgage broker can help you get a better deal which will, in turn, save you plenty of money and also save you from the overwhelming, mind-boggling, and time as well as effort consuming process. Hence, it is in your interest to consult with one if you are looking to get a mortgage.

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