Why Do I Need A Mortgage Broker?

Mortgage brokers play a vital role in the provision of mortgage loans for individuals and businesses alike. They are often referred to as mortgage brokers or mortgage bankers. Their job is to access lenders and arrange for loans with reasonable terms and conditions. Their role is particularly important during financial times when many individuals find it difficult to make mortgage payments due to financial constraints such as loss of income, medical bills or credit card debt. Mortgage brokers have to provide a valuable service and ensure the best loan deals are obtainable for customers. Click here to hire a mortgage broker Adelaide today.

Mortgage Broker AdelaideMortgage brokers may also be referred to as loan officers. They are usually employed by banks, building societies and mortgage companies to provide mortgage finance to home buyers and property sellers. Their job profile includes:

  • Dealing with borrowers and lenders’ applications.
  • Giving advice on loan products.
  • Ensuring that appropriate loan offers are made available to clients.

Some mortgage brokers may also negotiate loan agreements between borrowers and lenders, allowing homebuyers to benefit from lower interest rates and affordable monthly repayments.

To become a mortgage broker Adelaide, the applicant must have completed a course of education at a university or college specialising in finance, investment banking or mortgage brokerage. The applicant must also have passed the appropriate examinations set by the Australian Financial Services Authority. Once these steps are taken, the applicant can begin to apply for positions with leading Australian mortgage lenders, such as the FSA’s National House-Bank of Scotland (N HBOS), Northern Rock plc, the National Retail Bank (NRN), the Halifax Financial Corporation (HMHC) and the Financial Services Authority. Applying to any leading mortgage lender will help secure an excellent job with a reputable company.

The FSA requires mortgage brokers to work closely with banks and building societies, as their work enables them to identify suitable loan offers from suitable lenders. As their primary business is market access, this ensures that loan originators can access the maximum number of mortgage loans when required. For the loan originator, this translates to more loan offers which could result in more lucrative profits. The Australian financial markets are highly competitive, and each bank and building society has a distinct strategy for ensuring that they achieve success. As such, each of the largest Australian banks and building societies has strict underwriting policies and loan policies designed to ensure that consumers receive the best possible mortgage terms. Click here to hire a mortgage broker Adelaide today.