FAQ about using a mortgage broker in Sydney's eastern suburbs

FAQ about using a mortgage broker in Sydney's eastern suburbs from Full House Finances

By: Full House Finances  03-Aug-2013
Keywords: Mortgage Broker

Why should I use a mortgage broker to find a loan in the Sydney eastern suburbs? A mortgage broker works with a range of lenders so they can provide impartial advice and find the best package available for your needs. They often have access to more competitive rates and fees than members of the public. How much does a mortgage broker cost? A mortgage broker usually provides immediate professional advice free of charge, and then earn their bread and butter from commissions on the loans they secure. They are obliged to inform you of what commissions they will receive. There may be incidental fees for dishonoured agreements, and this information will also be provided by your broker when you’re considering a new loan. How do I know what commissions a mortgage broker will be paid by different lenders? Most brokers receive comparable commissions for a range of loans, so they don’t directly benefit from advising you to choose one over another. In any case, it is always important to read the fine print, and remember that brokers are required to disclose their affiliations. If in doubt, never be afraid to ask about their commission structure. Will a mortgage broker help me with the loan application process? The short answer is yes. A good mortgage broker will be there for you from start to finish, including helping with the loan application and First Home Owner Grant if needed. What information do I need to supply to a mortgage broker? The documentation needed is dependent on the lender’s requirements and your own situation. In any case, all of this information should be provided in straightforward terms, and your broker will support you in getting all your documentation together.

Keywords: Mortgage Broker

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