ASSESSING YOUR NEEDS
A mortgage broker will take the time to understand your needs, discuss your financial circumstances, and identify your loan requirements. As a first step, they’ll discuss your property goals, factoring in your loan requirements considering your lifestyle, job, family and other aspects. They’ll also discuss the type of documents needed to assist you to make a loan application – such as pay slips, tax returns, and personal bank statements. Once they have a clear understanding of your financial situation and goals, your broker will be able to advise you on your home loan options.
As part of their service, your mortgage broker will recommend one or more home loans that fit your borrowing needs. They will be able to search through their database – which usually includes multiple lenders – to zoom in on specific loan products that meet your requirements, discussing their details and features with you. To help you see how different products stack up against each other, your broker will provide you with a comparison rate for each product. Comparison rates are calculated using a common formula and include the advertised interest rate as well as fees and charges incurred at the start of a loan. They should be used as a guide only though, as they don’t include all of the fees and charges you may incur over the life of a loan. The sophisticated software brokers now use will give you not only a broad view of your lending options, but also a tight analysis on real specifics of the loan that have been identified as meeting your needs.
MANAGING THE LOAN PROCESS - FROM START TO FINISH
When you’ve chosen the loan you’re comfortable with, your broker can help you fill out the necessary paperwork to get the loan process underway. This might include submitting your home loan application on your behalf and communicating with all the relevant parties until your home loan is approved. If you decide you want to switch home loans or refinance at a later stage, your mortgage broker can also help you source new loans and give you advice at every step of the way.