What does a Mortgage Broker do?
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Published by TOP4 Team
Looking for a new place to call home, or a property to rent out to kick off your investment in bricks and mortar? Finding the perfect perch for yourself, or rental pad for your portfolio, can be a tough call and choosing the best loan to fund the purchase almost as challenging again.
Borrowers do have potentially dozens of lenders and hundreds of home loans to select from. Comparing home loan options can be a mammoth undertaking, and a mortgage broker may be able to help you narrow down the possibilities and identify loans which best suit your circumstances and borrowing requirements.
Here are some things you might want to know when deciding whether to find a home loan via a broker.
What does a mortgage broker do?
A mortgage broker acts as an intermediary between clients and home loan lenders (which may be banks, building societies, credit unions and other credit providers). Their role can include assisting you to determine the type of loan that will meet your needs in both the short and long term. This might mean weighing the certainty of a fixed interest rate of the potential savings generated by choosing a variable rate, or deciding which type of investment property loan will help you maximise your after-cost return.
A mortgage broker can negotiate with prospective lenders on your behalf and manage the loan application process from initial enquiry through to settlement day when keys – and funds – change hands.
If you're looking for a reliable mortgage broker that can help you with your home loans and other mortgage broking services, consult Lendium today!