Frequently asked questions
What does a mortgage broker do?
A mortgage broker helps individuals and businesses find the most suitable mortgage loans from a range of lenders. They gather financial information from borrowers to assess eligibility and provide options from different lenders. The broker works with the lender to complete the application process and negotiate on the borrower's behalf for the best terms and interest rates. Overall, a mortgage broker simplifies the mortgage process and provides expertise and guidance.
How much will it cost?
In most cases it is free to use a mortgage broker. A mortgage broker gets paid a commission from the lender after the loan has settled. The amount of commission is outlined on your loan documents. For more complex situations, a fee may be charged upfront which you will be informed of prior to work commencing.
How is using a Mortgage Broker different to going directly to a bank?
Whilst going to a bank directly can be a suitable option, the bank won't present alternatives outside their range of products. A mortgage broker can present you with options from a range of different lenders to suit your needs. A mortgage broker can work with you in times that suit you, not just during bank opening hours.
Can you help self-employed borrowers?
Yes absolutely. Lenders have different rules to cater for self-employed borrowers. A mortgage broker can work with you and your accountant to determine the best option.
When should I see a broker?
As soon as possible. Understanding your borrowing capacity and your loan repayments is crucial to knowing how much you can spend on a property. Your mortgage broker can give you clarity on all this and more.
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