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long the way we have no doubt discovered the hard way, how to tell that he is Not the one! But for now, we going to decide who is the one.
The first key is...you’ve taken the time to get past his photo and your fantasies ...
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New Today: 6 Last 30 Days: 367 Total Published: 9,502 Total Pending: 158 Contributing Authors: 2,808 Article Views: 5,552,677
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Articles » Finance » Today’s mortgage broker won’t cost you an arm and a leg so to speak
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- Article Views: 249
- Word Count: 527
- Date Contributed: Apr 03, 2008
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| Today’s mortgage broker won’t cost you an arm and a leg so to speak |
Only a couple of years ago, the luxury and convenience of using a mortgage broker to arrange your home loan would set you back about $2,000 and possibly a slightly higher interest rate. Generally, the mortgage broker would charge a professional fee for his / her services, receive an introducer commission upon the settlement of your home or investment loan directly from the lender, as well as ongoing trail commission for the life of your loan.
In recent years, the mortgage market has become very competitive and almost overcrowded with different lenders, mortgage managers and mortgage brokers. A mortgage broker is an industry professional who must be accredited with The Finance Brokers Association of Australia or alternatively, the Mortgage & Finance Association of Australia to ensure they’re qualified to sell a mortgage and other finance products. In addition to undergoing a certified mortgage industry training and qualification, mortgage brokers must also attend (and respectively pass) an accreditation with individual lenders they wish to use as part of their finance product offering. Additionally, mortgage brokers must also attend industry “refresher” seminars and read up on any product updates relevant to the finance products they offer.
The Australian Government has made it compulsory for all mortgage brokers to disclose their earnings to customers by way of a Finance Broking Contract. The Finance Broking Contract must specify the maximum amount of commission the broker is likely to receive for establishing your home loan and the contract must be signed by you, the borrower.
If you’re looking for a home loan, a mortgage broker can offer you a range of mortgage and other finance products, funded by reputable lenders and tailor made to any type of borrower or situation. Based on your requirements, the mortgage broker can point out a few home loan products he feels may suit your needs and save you the tedious exercise of shopping around and comparing “apples with pears”. Mortgage brokers are generally equipped with all the necessary tools such as mortgage calculators, schedule of fees and charges for each individual finance product and most importantly the latest variable and fixed interest rates. Mortgage brokers are almost like the good old “mobile lenders”, however with one great advantage. Their products are not restricted to one lender and therefore can generally “set you up” with a suitable home or investment loan during your initial meeting.
If you apply for your home loan through a mortgage broker, they’ll make it easier on guiding you through the application process, keeping you up-to-date with the progress of your application and of course, save you the infinite amount of phone calls you may need to face if you decide to apply for a home loan yourself. After all, they’re experts in getting your application processed as promptly and efficiently as possible, not only because it’s their specialty, but simply because they don’t get paid unless your loan goes through settlement.
Vicky Edema has been the Managing Director of Austral Mortgage Corporation since 1992, the company offers a
mortgage broker service which provides borrowers with
access to an expanded offering of loan and lease products.
Austral URL: http://www.australmortgage.com.au
Article Source: UnArchived Articles
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