Broker

My Easy Mortgage Broking Process - How ‘We’ Can Achieve Your Mortgage Goals!!

By admin ⋅ April 14, 2008 ⋅  Email this post ⋅  Print this post ⋅ Post a comment

Some of you have purchased real estate before and will be familiar with the mortgage process and the part the mortgage broker plays! While others are entering their first home purchase (FHOG) and the mortgage process will seem a little overwhelming!! The mortgage broker plays an important role as middle man between the client (you) and the lender. Each client could go directly to the lender, however the mortgage broker represents many lenders and is authorized to sell loan products on their behalf. This saves the client a whole lot of time and takes much of the work out of the process for the client, thus making the client’s goal whether it be a purchase or a refinance a whole lot easier!!

When you approach me to be your broker, this is the general process that will occur!!

The Initial Contact Stage

Thinking about a pre-approval?? Or maybe you’ve already found your property?? Great!! Let me know and we can focus on applying for a loan that best suits your needs, whether by phone, in person or via email. During the initial contact, i’ll gather some brief info and let you know what documents will be required for the application and we’ll then make an appointment for an interview either at your residence or somewhere convenient. Interviews can be a little intimadating, however i’m a fairly young laid back guy…so nothing to worry about there!!

with me as your Broker, your mortgage is in great hands!!

At the Interview

We’ll discuss more detailed information on your financial situation and determine your financial needs and goals! Basically trying to figure out what you’re looking to do and how much to borrow!! We’ll estimate the loan costs which we’ll also go over and any of your concerns can also be addressed. I’ll do a general serviceability worksheet to work out how much you can comfortably afford to borrow!

What comes next??

At this stage we can either get an application and Privacy Act completed in the initial interview, but depending on your situation I may need to take all the information away and look at a number of products that may be best suitable and then present these to you at a second meeting…depending on situation and urgency!! Matching your needs to the most suitable loan product can often take a little time!

So I will then present the best loan options to you (either at the initial meeting or at a second meeting) including comparison rates and we can go over any concerns you may have!

Verification of Information

I’ll also verify all the information required for the loan application. For example, copying of payslips, payment summaries, income tax assessments, Contract of Sale, rates notices and identification for 100 Point ID Check that were provided at the initial interview.

The Loan Application

We will complete a loan application together at either the initial or second meeting and then I submit this to the lender for approval! The lender also has stages in which the application will go through, they will contact me at each stage who in turn contact you as the application moves along. Stages that the lender has are pre-approval, conditional approval, and unconditioanl (full) approval, or more information required (where they can’t make a decision based on everything submitted). For eg, conditional approval is often subject to additonal info required by the lender and/or a valuation.

The lender then makes a decision and advises me:

If the loan application is declined, I will explain the reasons that the lender has told me and may try to re-submit the application with another lender!

If the loan application is approved, I will ensure that the lenders Loan Offer and other documents are received by you!

Progressing to Settlement

You will have been liaising with your solicitor throughout the process and will arrange meeting with them to discuss a full explanation of the documents etc. The solicitor will then arrange settlement with the lender’s settlement department.

Commissions

As previously stated, there is NO cost for you to use me as your Mortgage Broker. The lender pays me a commission once the loan settles!!