Activity of Mortgage Brokers
There are many situation, where you need help of Mortgage brokers. For example, you need:
- Commercial loan.
- Debt consoliadtion.
- Get a home loan with a bad credit history.
- Online loan.
- Low doc loan.
- Construction loan.
- Get a guarantor for your loan.
Suitable loan for you
Your Mortgage Broker must talk with you, answer your many questions. This gives him the opportunity to determine which type of loan is most suitable for you.
You will need to provide documents to support your identity and financial situation. Your mortgage broker will advise you of what you need for your particular situation.
If your mortgage broker has an understanding of your objectives and financial position, he will discuss the various loan products available. A mortgage broker should also provide you with product comparisons and inform you of proposed mortgage repayments and any upfront and ongoing fees.
After that, your mortgage broker will search their database containing hundreds of loan products from many different lenders, including major banks, smaller banks, credit unions and other lenders. This database of Premium Mortgage Brokers includes 40+ lenders. We have access to some exclusive loan products which are not available elsewhere.
Manage the whole process
The mortgage broker negotiates on your behalf with the lenders from the beginning of the process and until the loan is settled. Your mortgage broker will help you to complete the necessary paperwork and liaise with the lender on your behalf. Your mortgage broker is also required to inform you of Internal Dispute Resolution procedure.
The responsible lending obligations require a mortgage broker to:
- Reasonable Inquiries. He make reasonable inquiries of the consumer about their financial situation.
- Assess whether the credit product is unsuitable for the consumer and only proceed if the credit product is not unsuitable.
- Copy of the assessment. He andgive the consumer a copy of the assessment if requested.