What is a Mortgage Broker?

A mortgage broker is an experienced third-party that’s hired to negotiate a better deal for you, the borrower from the bank or loan institution.

 

What is a mortgage broker?

A mortgage broker is an experienced third-party that’s hired to negotiate a better deal for you, the borrower from the bank or loan institution.

They help by researching products, from the many that are available and supporting you through the application and settlement process.

Generally they only get paid a commission by the lender when the deal is settled but it can vary and it can be good to enquire about this before you start
with a broker.

What are the benefits of hiring a broker?

A broker is most useful during the application process and can assist by:

  • Answering financial questions and provide a single point of contact with your loan.
  • Shopping around for the best deal on your loan
  • Choosing the loan most appropriate to your situation
  • Navigating the guidelines and regulations associated with a home loan.

If you’re a first home buyer, a mortgage broker can help you get a better deal as well as be a resource for any follow up issues in the years to come.

If your financial circumstances change they can also help you through those times with a minimum of stress and uncertainty.

Unless you’re very experienced in financial management and loans we highly recommend using a mortgage broker.

 

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