Tundra Mortgage Brokers

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Mortgage Broker Services

The Types of Services Offered by a Mortgage Broker

Hiring a mortgage broker to help with a home loan application is something that many people consider each year. Unlike finance brokers that specialise in obtaining short term loans, mortgage agents instead focus on obtaining the best deals for their clients by taking an application directly to a bank or lender.

When dealing with these types of brokers, many people often get confused about the types of services that they can expect to receive. Here’s a closer look at some of the most common mortgage broker services and what they entail.

Approaching lenders

house settlementOne of the most intimidating aspects of applying for a loan actually relates to approaching a bank. Fortunately, brokers specialise in this task and they are able to approach a variety of lenders, source the most relevant information and then report back to their clients before moving forward with the application process.

Submission of documents

Another time saving feature, a good broker won’t just correspond with a potential lender; they will also act on behalf of their client – including submitting documentation and other necessary paperwork in order for the application to be considered. They will also act as the middle-man should the lender have any questions, making it easy for the client to sit back while the broker handles the rest.

Sourcing the best deals

There will undoubtedly be dozens of potential lenders within any region of Australia and this can make finding the best deal quite a challenge – that is unless you have the aid of a reliable broker. They will have access to a compilation of the most affordable options and some will even be able to request exclusive deals from banks; many of which will offer even greater savings.

Negotiating on behalf of a client

Once a suitable deal has been sourced, the broker will then get back in touch with the lender and discuss terms on behalf of their client. At this point, new terms can be negotiated and these can relate to repayment schedules, interest rates and other factors, that if properly arranged can hugely benefit the applicant.

Bidding on a property

A lesser-known service provided by brokers relates to bidding on a new home once the financial backing has been obtained. Many people prefer to approach banks before deciding on the property that they’d like to purchase – typically because it makes more sense to understand budget first, before buying a new home. A broker can also help with this purchase for an additional fee and they can negotiate with real estate agents, property owners and other parties to obtain the best deal.