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Mortgage Broker

A mortgage broker is an intermediary who manages to secure mortgage loans to the individuals or businesses. Normally the banks and other money lending institutions utilize their own advertising resources to attract the borrowers. Since the mortgage market has become more competitive, these institutions have started using the services of mortgage brokers to distribute their mortgage products. A mortgage broker has a specialized knowledge of his trade. He has liaison with a number of financial lenders and banks and is well versed with their loan schemes, interest rates and other terms and conditions. With all the data from various lending institutions he can identify the appropriate lender and find out which loan plan can be suitable for a particular applicant considering his unique financial circumstances.

Regulated Brokerage

The mortgage brokers work under certain regulations so as to eliminate the possibility of malpractices. They are supposed to offer a regulated financial activity. They are responsible for the propriety of the advice they tender in consideration of the borrowers’ circumstances and are legally liable for flawed advice. An experienced broker, therefore, assesses the credit history of the borrower usually through his credit card reports made available from the credit rating agencies and determines his creditworthiness through income documents. He then assesses the financial market and identifies the mortgage product suitable for his client’s needs. He does all the documentation work, explains the legal disclosures, completes the application form, and submits it to the lender.

Mortgage Brokers in Australia

There are numerous mortgage brokers in Australia including Mortgage Brokers Australia—MBA—that provide free mortgage advice to the various categories of loan seekers. They help the first home buyers and also those who seek refinancing information because they may be paying too much for their mortgage every month. They offer help in investment home loans, wealth creation homes, reverse mortgages, car loans and so on. They can locate the best mortgage options from anywhere in Australia. These brokers are equipped with the latest technology and a network of partner offices and have served thousands of customers. The whole process is handled through phone, emails and internet chatting.