What is a mortgage broker?
A mortgage broker is someone who shops around for the home loan that’s right for you. Whether you’re in the market for your first home or building a portfolio of investment properties, SNC Finance&Conveyancing brokers have access to hundreds of loans from a wide variety of lenders.
Our brokers do the hard work for you.
They make sure you get the right home loan for your circumstances and will manage the process from start to finish.
What does a mortgage broker do?
A mortgage broker is an essential consultant between the lender (usually a bank) and you. Their first job is to assess your financial affairs, put together a picture of your credit-worthiness, and help you determine what type of home loan will be right for you. They should then offer you a variety of home loan options from the panel of home loan lenders they act for.
Mortgage brokers generally offer lending products from a number of different financial institutions, not all of the lenders on the market. Because they have access to numerous products, they will almost certainly have access to something that suits your needs and they can spend the time with you to understand what your goals are, to explain the options, and to help you with the paperwork. They can potentially provide you with a very useful service.
Like any industry though, the quality of service can vary from person to person. Also be aware that – much as a real estate agent is acting on behalf of the seller and not the buyer – mortgage brokers are acting on behalf of the seller of the loan (the financial institution) and not you as the buyer.