Mortgage brokers. Who are they? What do they do? And why should you use one?
There are many misconceptions about who mortgage brokers are and what they do. When looking to get a home or other loan, a mortgage broker is your best friend.
Mortgage Brokers Have Access To A Wide Range Of Lenders
If you need a home loan, you might consider going straight to your bank. But the problem with that is, they are just one of many different lenders and may not be able to offer you the best deal with the lowest interest rate!
As opposed to going straight to your bank to get a loan, mortgage brokers have access to a wide range of lenders including banks, credit unions, smaller finance companies and permanent building societies.
Here are some of the 25+ lenders we have access to at Specialised Mortgage Solutions:
What Does a Mortgage Broker Do?
As a mortgage broker, part of their role is to search through the hundreds of different products and loan options these lenders offer, and find one that suits their client’s individual finance needs.
On top of finding you a better deal that will save you money, they also assist with the entire loan application process right through to settlement.
How Much Does a Mortgage Broker Cost?
Perhaps the best thing about mortgage broker’s is that they don’t generally charge for their services. Or at least we at Specialised Mortgage Solutions don’t (we can’t say what things other mortgage brokers might be up to).
The reason our services are free to the client is because we are paid a commission from the lenders. That means you get our awesome time and money saving services for free! Also, as we are paid on commission, you can be assured that we will work hard to get your home loan approved. Because if we don’t, we don’t eat!
Brokers at the bank are paid a wage regardless of whether or not your home loan gets approved. Who do you think is going to work harder for you?
To learn more about some of the benefits of using a mortgage broker over a bank, I made this short video for you.
How Do You Become a Mortgage Broker?
Not just anyone can become a mortgage broker. Mortgage brokers are required to have a diploma in Finance and Mortgage Broking, be a member of a professional association (MFAA), and must obtain lender accreditation.
And that’s still not all! Ongoing training is required to maintain professional membership and lender accreditation, so you can be assured that you are dealing with a professional that will look after you.
As a mortgage broker myself, everyday I help new clients to achieve their goals of home ownership, getting an investment property, or buying a new car and I would love to help you.
To find out how I can help you get a loan to buy or build your dream home, buy an investment property, consolidate debts or buy that car or piece of equipment you’ve always wanted call me Barry Swain on 0412 400 712 or email me at barry@smsloans.com.au.