Mortgage Broker Services

Services Provided by a Mortgage Broker

The majority of mortgage brokers in Melbourne will offer a particular list of services. These services can include interest rate comparisons, mortgage negotiations and even financial preparations, but with so many different options being offered by these specialists, it isn’t always easy to know which type to look for and what to expect from their services.

That’s why we’ve compiled a list of services provided by a mortgage broker to help you to identify the options available out there and how best to take advantage of them.

Financial preparation

Many borrowers overlook the need to properly prepare their finances in time for a mortgage application and fortunately, this is something that good mortgage brokers should be able to help with. They can help to organise paperwork and even tax data – and some might even have experience as accountants, or should at least know of one that will be able to create a statement of accounts that can be used to demonstrate how much an applicant earns, what their expenses are and other important financial information.

Interest rate comparisons

The ability to find the cheapest interest rates available isn’t always something that a solo applicant will be able to undertake – unless they have weeks and weeks to set aside to collate information on the rates proposed by different banks. And even if they do take this route, there’s no guarantee that the rates will be the same by the time they reach the end of their efforts. A good mortgage broker should be able to compare a variety of rates from several different banks in a matter of days or less – making it pretty easy to find the cheapest options out there and then take advantage of them.

Home loan negotiations

If a bank is proposing a particular term that makes one of their deals unappealing, then it can fall down to a mortgage broker to approach the lender and negotiate fairer terms. In the worst case, better terms might be rejected, but in the best case scenarios a broker will be able to get a bank to bend their offer slightly to better suit the borrower. This can result in much fairer deals being agreed to, or cheaper rates being paid (which could end up saving thousands of dollars for the applicant).