Things to Know About Mortgage Broker

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Things to know about Mortgage Broker
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What is a Mortgage Broker

• Licensed and regulated financial professionals
  who act as a middleman between you and potential
  lenders

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• Does not use his/her own funds to generate
  mortgages
• Gathers paperwork from a borrower and passes that
  paperwork along to a mortgage lender for approval
  and underwriting
• Lent with the name of the mortgage lender, and
  the mortgage broker gathers an origination
  fee from the lender as compensation for services

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Pros and Cons of Utilizing a Mortgage Broker

• Pros
• Works on a borrowers behalf to get the lowest
  available mortgage rates and/or the best loan
  programs through several lenders
• Saves the time of borrower during the application
  process
• Saves a large amount of money of borrower over
  the life of the loan

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• If a loan originated through a broker is
  declined, the broker applies with another lender

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• Cons
• The number of lenders a broker accesses varies by
  his approval to work with each lender
• A borrower has right of entry to lenders the
  broker does not
• A loan officer from a large bank may keep a
  borrower on hold for an extended period of time
  due to the officers working with few borrowers
  at once

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How to Choose a Right Mortgage Broker?

• Ask friends and relatives for referrals
• Learn all you can about the brokers service,
  communication style, level of understanding and
  approach to clients
• Another big source is your real estate agent
• Some real estate organizations offer an in-house
  mortgage broker as part of their suite of
  services, but youre not forced to go with that
  company or individual

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Contact Us
La Verne Capital Pty Ltd. Suite 7/104 Wigram
Street, Harris Park NSW 21501800 883
007info_at_lavernecapital.com.auhttps//www.laverne
capital.com.au/