A mortgage broker can be described as a middleman. He/she is the point of connection between the borrower and the bank to assist the former get a home loan financing from the latter. In other words, instead of having to contact the bank or mortgage provider directly, you have the option of reaching out to an independent mortgage broker in New South Wales – Wealthy You, who will be your loan guide and liaison. These brokers can walk you through the mortgage process, help you pick out the most suitable mortgage option for your financing needs, and find a reliable mortgage provider on your behalf.
Do You Have to Pay Mortgage Brokers?
This question depends on whether your mortgage broker works independently and outside of the commission-based protocols that banks offer or if they are working with a specific lender who pays them a salary. If your designated mortgage lender works independently, then they would definitely charge you for their services. However, if they are employed by a lender that pays them commission every time they bring in a new borrower, you don’t have to pay them.
Can a Mortgage Broker Work Independently?
A mortgage broker can work independently or for an agency. Independent mortgage brokers work alone or are self-employed, meaning that they would charge you for their services. They would, however, avail a broad range of mortgage packages from multiple lenders to find the best rates for you. On the other hand, mortgage brokers employed might be working for an agency or lender themselves. As such, these individuals are paid by their employers.
What’s the Difference Between a Loan Officer and Independent Mortgage Broker?
Whenever you walk into a bank or mortgage provider, you would be serviced by a loan officer. This is an individual that only writes loans for a specific tender. They offer a limited number of loan packages since they only represent that mortgage provider you’re interested in. On the other hand, an independent broker is similar to an independent agent. They would work with multiple lenders to find the best rates for their clients.
What Are the Responsibilities of a Mortgage Broker?
The responsibilities of a mortgage broker vary depending on the services they offer and liabilities. Their work involves the following duties:
- Marketing their services (Independent brokers) or those of the lender (Employed brokers) to clients.
- Assessing and collecting information on the financial state of a borrower.
- Searching the market for the most suitable mortgage provider on behalf of the borrower.
- Helping their clients obtain a mortgage pre-approval.
- Gathering all necessary documents such as bank statements and payslips.
- Completing the mortgage application loan process.
- Educating the client/borrower on all legal disclosures.
- Submitting all required documents to the lender.
- Searching for a money-saving option for the client.
What Are the Benefits of Working with an Independent Mortgage Broker?
There are several advantages of working with a local, independent mortgage broker such as Wealthy You. Here are some of the top benefits you, as a borrower, can enjoy.
Multiple Mortgage Options
At Wealthy You, since we work with over 50 lenders, we can provide clients with hundreds of mortgage options to choose from. We would walk you throughout the entire process and get to know your financial position to help you get the most suitable home loan option that works best for your scenario. This would relieve you of the burden of finding the right mortgage and enduring the entire home buying process alone.
Access to Lower Wholesale rates
We work with several lenders to secure reliable home loans for clients. As such, we have access to lower wholesale rates that various banks and other lenders cannot keep up with. The clients’ best interests are in our hearts, and we strive to ensure they get polished services.
Whenever a home buyer finds a home that excites them, they would probably want to close the deal on it as soon as possible. Therefore, we work hard to offer our clients fast closings and ensure we get to the closing table quicker than lenders can.
How Do I Find the Right Mortgage Broker?
While you can rely on recommendations from friends and families who may have had experiences with mortgage brokers, the internet is the most reliable playground that can save you the hassle. Simply search for a mortgage broker near you, and you would be presented with the relevant options around you.
Use a Mortgage Broker Instead of a Bank
If you intend to save money on a home loan, it would be best to hire a mortgage broker whose job would be to find you the most affordable market rates. Reach out to us at Wealthy You for more information on our brokerage services.