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Mortgage Broker: Everything You Need to Know

08/31/2022

Investing in properties can be expensive, and selecting a mortgage is one of the essential choices you will ever make. It is likely to pay over your lifetime. In addition to the mortgage, you will also be responsible for valuation costs, legal expenses and insurance.

A mortgage broker is a professional who helps to finance real estate transactions. Utilising a mortgage broker’s services can help ensure that you get the best mortgage terms possible. One of the main benefits of engaging with brokers is that they can access a wide range of lenders. This allows them to shop around on your behalf and find the best deal that meets your needs.

A mortgage broker can also provide you with guidance and support throughout the process, from application to approval. They will be there to answer any questions you have and offer advice when needed.

When choosing a mortgage broker, selecting one that is reputable and has experience in the industry is important. Investorfi offers mortgage refinancing services if you need one to get the best loan deal for your next property investment.

What Does a Mortgage Broker Provide?

At its core, a mortgage broker helps to facilitate refinancing the loan process between a borrower and a lender. Mortgage brokers have access to numerous lenders and are knowledgeable about various loan programs, allowing them to guide borrowers to the most suitable financing option.

  • Find the Best Loan Products

Brokers are professionals in the field and can help you choose a good loan provider. With their guidance, you may determine which loan choices represent the most promising financial move.

Brokers are well-connected to the lending community. Talk to your broker if your credit score isn’t high enough to qualify you for the loan amount you want. They are familiar with the lending landscape and can help you locate a reputable lender and a suitable loan package. 

In addition, they can suggest local solicitors or estate agents who can assist with additional issues. They will bring you in touch with other relevant experts in the area.

  • Assist in the Application Process

Mortgage brokers can also be beneficial when it comes to completing the loan application. They will make sure that all of the required paperwork is in order. In addition, they can guide you on how to improve your chances of getting approved for a loan.

  • Help Borrowers Understand Complicated Financial Arrangements and Terms

Many people are not familiar with the ins and outs of financial arrangements. As a result, they may not understand all of the terms associated with their mortgage. A broker can help to explain these terms in layman’s terms so you can make informed decisions about your loan.

What Is the Difference Between a Mortgage Broker and Mortgage Agent?

Mortgage agents and mortgage brokers are both financial strategists, but there are key differences between these two professionals.

  • The lender typically pays mortgage agents. The borrower usually pays mortgage brokers. This fee is generally a percentage of the loan amount and is paid at closing. Whilst both mortgage agents and brokers can save you time and money, working with brokers gives you access to a broader range of products and services. Brokers are better equipped to help you find the best financing option.
  • A mortgage agent is an independent contractor who represents a single lender. Mortgage brokers employ some mortgage agents, so they have more options to offer their clients.

How Does a Broker Work?

Mortgage brokers are financial experts who help people who want to buy a house or other property get loans. They are also called ‘mortgage loan officers’ by many people.

Mortgage brokers don’t just advise people who want to buy homes; they also help them apply for mortgage refinancing or home loans. Their job is to determine which banks offer the best interest rate and terms for each client based on their needs, such as property investing and refinancing.

  • Understand Your Needs and Goals

A mortgage broker’s first step is understanding your needs and goals. They will ask about your employment status, financial situation and property purchasing plans. Based on this information, they can narrow down which loan products would best fit you.

  • Work Out What You Can Afford to Borrow

A mortgage broker will help you to calculate how much you can realistically afford to borrow. They will take into account your income, debts and other financial commitments.

  • Find Options to Suit Your Situation

Once they clearly understand your financial situation, a mortgage broker will start looking for loan options that suit your needs. They will compare interest rates, fees and features of different products from various lenders.

  • Explain How Each Loan Works and What It Costs (E.g. Interest Rate, Features and Fees)

After finding a few loan options that suit your needs, your mortgage broker will explain how each one works. They will also estimate the costs involved, including interest rates, fees and features.

  • Apply for a Loan and Manage the Process Through to Settlement

If you decide to go ahead with one of the loan options, your mortgage broker will help you to apply for the loan. They will also manage the process through to settlement, which includes liaising with the lender and coordinating the required documentation.

Is a Mortgage Broker Better Than a Bank?

Getting the funds for your next investment requires three options: apply with your bank directly, do it yourself or get a mortgage broker to do it all for you.

Specialisation

  • Mortgage brokers will evaluate your loan application and work out a favourable outcome.
  • Although banks are supposed to be experts in money, they might not know how to read your payslips properly.

Convenience

  • Mortgage brokers are well-versed in obtaining a mortgage and the lenders’ policies with which they interact. They are specialists in home loans.
  • Banks offer a wide variety of services, so they do not have focused mortgage expertise. All they know is their lending policy.

Interest Rates

  • A mortgage broker will, from time to time, ensure you’re getting a great deal.
  • Banks are not required to make sure that your interest rates stay competitive.

Loan Options

  • Mortgage brokers offer different loan products from various lenders.
  • Banks can only offer you their products. You will be denied the loan if you don’t fulfil their lending criteria.

Start Your Property Investment Journey with Investorfi

Don’t go through the biggest purchase of your life alone—get an expert opinion. A mortgage broker is a specialist who can help you to find the right investment loan for your needs and get you the best possible interest rate.

At Investorfi, we have a team of qualified mortgage brokers who are experts in finding the right loan for you. We work with a range of lenders to get you the best possible deal on your investment loan.

Contact us today to speak to one of our mortgage brokers.

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This is what we do.

We are finance strategists in the Mortgage Broking industry, helping Australians build wealth through property investment.

Our sole purpose is to reinvent ways to keep the Great Australian Dream Alive. Because we believe it’s everyone’s right to the security home ownership affords our families and community. Yes, our niche is Finance Strategy for Property Investors, but it is not what we do that makes us tick;
it’s

Because property investment is a decisive step toward financial freedom, we cultivate lasting relationships with our clients. We ain’t just a ‘whame bam, see ya later man’ kinda outfit. In fact, our business is built entirely from our lasting relationships with our clients who have suggested us to their inner circle – their family and friends. That is a pretty big tick of approval and a sure vote of confidence.

This is How we do

What separates us from the rest?

Have you ever considered the difference between Mortgage Brokers?

A Broker worth their salt has a playbook of ‘scenarios’. They are finance strategies that have worked in the past. He will offer up one, two or even three scenarios that he thinks will work best for you. 

But the great ones challenge the status quo, strategising new plays that serve your unique situation and financial goals. They will study, visualise, and fine-tune before offering only the best scenarios that build a rewarding property Portfolio.  

They never let good be the robber of the best and only play to win!

InvestorFi is a group of finance strategists that will design a unique scenario for your state of play towards your long-term game plan.

But don’t just take my word for it.

Clients like Tony F. said: I couldn’t be happier with the service. Wayne was excellent in guiding me through and delivering a great investment loan. Very responsive and savvy investment brokers. Will continue to use their services in the next purchase. 

And like Kim, Wayne is extremely dedicated, professional and a pleasure to work with. He worked tirelessly to help me secure an alternate lender before the settlement date and was extremely prompt and clear in his communications with me. 

And 

Robert wrote: Wayne is always very responsive and takes the time to lay out all the options in plain English.

Reviews like this make our souls sing. We’re in the business of helping people achieve real results that last!

So if you’re looking for a great Finance strategist like these incredible clients, you’re in the right place.

This is why we do

Gone are the days a single income could afford 2.5 kids, a pet, and a four-bedroom house in the burbs! 

At InvestorFi, our sole purpose is to reinvent the great ‘Australian Dream’. Because we believe it’s every citizen’s right to the security home ownership affords our families and community, not just for today but for generations to come.

But because it’s become so difficult, it requires complex solutions. One way is to seek finance strategy before purchasing a home. This way, you can leverage your full potential to live where you want to and invest where you can afford to. 

Property ownership has become a game of ‘finance strategy’, placing a premium on finance know-how. That is why we value education; our mantra is knowledge equals freedom, but knowledge shared is freedom multiplied.  

There is no drought; we have hit a new era with its epic challenges. Not everyone is up for the grind it takes to keep the dream alive. That’s why we also place a premium on camaraderie. We don’t see ourselves as a ‘hit and run’ service but as a hub and a way of life.