Mortgage & Finance Brokers
What Do Mortgage Brokers Do?
Although the services offered by brokers have been around for a couple of centuries now, it’s only recently that they’ve been propelled into the public eye. Due to the technical nature of their services, not to mention their extensive benefits and features, it’s not uncommon for people to ask what these experts actually do.
So, what is a mortgage broker exactly, what do they do and what makes them any different to regular financial advisors?
It’s all in the services
Where advisors focus on offering financial advice relating to taxes, loans and other cash-orientated subjects, mortgage brokers instead offer a third party service when looking for the cheapest loans from banks and lenders. It’s their job to compare the most up to date interest rates, as well as the unique policies offered by banks.
By evaluating these factors, they will then be able to compile the best deals on interest rates and help a borrower to apply for a loan that can be put toward the cost of their new home. Unlike regular loans, mortgages are often subjected to specific terms and without the proper level of understanding, it’s easy to inadvertently sign up to an agreement that ends up being detrimental.
By hiring a broker, the applicant will be able to trust that the most beneficial deals have been found, before taking the opportunity to decide on which one they like the sound of most
At this point, the applicant will be able to relax in the knowledge that their broker will be taking care of all the paperwork, as well as handling any negotiations and other similar terms to ensure that the borrower is going to receive the best deal. As the broker or agency will have a firm understanding of repayment conditions and other important elements, the applicant will be able to rest assured that their claim is in the best hands.
It’s believed that no fewer than 75% of people that use the services offered by a mortgage broker will receive an approval on their application, with as little as 40% being applicable to those that apply to banks without any form of professional guidance and help.