What is the Role of a Mortgage Broker? Mortgage Brokers work on behalf of a borrower to source and identify the loan which best suits the borrower's needs and requirements. We identify the lenders which are likely to approve the loan and then answer any questions you may have such as: - What are the cheapest interest rates?
- Are there any monthly fees?
- Which documents do I need in order to obtain the loan?
- How much will the repayments be?
- What are the features of the loan?
When the borrower is comfortable with the information provided and is ready to proceed, we complete the application process with the borrower to ensure it is correctly structured. We then submit the application to the lender and monitor it all the way through the lender's system and look after everything for you until settlement has been effected. The process of using a Mortgage Broker is designed to save you time and effort as we do most of the work for you. Once the loan is settled, we provide a free ongoing service by assisting you with any questions or issues you may have during the life-time of the loan, which saves you wasting time on the telephone while waiting to talk to the bank and only getting through to a digital telephone voice. With our ongoing support you will never need to call the bank again. ^ Back to Top ^
Do I pay a fee for using a Mortgage Broker? The borrower does not pay a fee for using our services. Mortgage Brokers are paid directly by the lender once the loan is settled, the same way as travel agents are paid by the airlines. ^ Back to Top ^
Do I pay a higher interest rate by going though a Broker rather than a bank? No - All banks and lenders offer us the same rates as they do to their own customers. In fact, we are able to negotiate a better interest rate and terms for our clients because the lender is aware we are in a position to direct the loan application to another lender and seek a lower interest rate if we are not happy with what they are offering us. ^ Back to Top ^
Why do banks prefer to have Mortgage Brokers writing loans? The banking industry has undergone many changes in recent years and as you are aware, banks prefer their customers to use ATM's rather than its tellers. Similarly, it is cheaper for the lender to have a Mortgage Broker carry out the work, rather than having to pay for large numbers of staff and their associated costs, such as holiday pay and long service leave, not to mention the expense involved in setting up and maintaining modern offices for their own lending managers. Brokers therefore are a very cost effective way for lenders to obtain new loans and all lenders now have processing departments in place which are designed to support the work of Mortgage Brokers ^ Back to Top ^
What advantages are there for me in using a Mortgage Broker? We are specialists who know the lending industry and we are constantly updated with the latest loans and interest rates by all the lenders. If you walk into a bank looking for a loan, that bank can only offer you one of their own loans which may not suit your requirements or have the most competitive interest rate. By using a Mortgage Broker such as Ryde Home Loans, you will have direct access to over 400 different types of loan packages spread over 25 different leading lenders. In other words, you have a selection of over 400 loans just by making the one telephone call to us at Ryde Home Loans. ^ Back to Top ^
Does Ryde Home Loans only operate in the Ryde area? No - We provide loans for borrowers throughout the whole of Australia and to borrowers who are living overseas. |
