There are a lot of misconceptions about mortgage brokers. Some people think that they are just middlemen who don’t do anything to help you get a loan. This is not the case! Mortgage brokers like https://bestmortgagebrokers.co.nz/locations/tauranga/can be a huge help when you’re trying to get a home loan. They know the ins and outs of the mortgage industry, and they can help you find the best deal possible. In this article, we will discuss sixteen facts about mortgage brokers that everyone should know!
Know The Facts about Mortgage Brokers:
- Mortgage brokers are not just middlemen. They actually do a lot to help you get the best loan possible. They have access to a variety of lenders and can help you find the best interest rates and terms for your loan.
- Mortgage brokers are regulated by the government. This means that they have to follow certain rules and regulations in order to operate. This ensures that they are providing you with accurate information and acting in your best interests.
- You should never pay a fee to a mortgage broker upfront. If they try to charge you a fee, walk away! You should only ever pay them after they have helped you secure a loan.
- Mortgage brokers typically work on commission. This means that they only get paid if they are able to help you get a loan. This incentive ensures that they will work hard to get you the best loan possible.
- Mortgage brokers can save you a lot of time and hassle. If you’re not sure where to start when it comes to getting a home loan, a mortgage broker can be a huge help. They can do all of the legwork for you and help you find the best deal possible.
- If you’re self-employed, have bad credit, or are otherwise considered high risk, a mortgage broker can still help you get a loan. There are many lenders who specialize in high-risk loans, and a mortgage broker can connect you with one of these lenders.
- Mortgage brokers are not perfect, but they can be a great resource if you’re looking for a home loan. Keep these facts in mind the next time you’re considering using a mortgage broker!
- Mortgage brokers are not required to have a university degree, but most have completed some form of post-secondary education.
- The average mortgage broker is 39 years old and has been working in the industry for 11 years.
- Mortgage brokers must be licensed.
- Mortgage brokering is a highly regulated industry with strict rules and guidelines that must be followed.
- Mortgage brokers are required to complete continuing education on an annual basis.
- Mortgage brokers are not allowed to charge upfront fees and must disclose all commissions and fees to the borrower before entering into any agreement.
- Mortgage brokers work for the borrower, not the lender. Their job is to find the best mortgage product and rate for their client, and they are paid a commission by the lender when the mortgage is funded.
- Mortgage brokers have access to a wide variety of lenders, including banks, credit unions, trust companies, and private lenders.
- Mortgage brokers can save borrowers time and money by doing all of the legwork involved in shopping for a mortgage.
Key Take-Away:
Mortgage brokers are often thought of as the “middleman” between the borrower and the lender. While they do play an important role in connecting the two parties, mortgage brokers are actually regulated by provincial governments and must adhere to strict guidelines.
Endnote:
There are many misconceptions out there about mortgage brokers. Some people think that they are just middlemen who don’t do anything to help get you a loan. But, the truth is mortgage brokers actually know the ins and outs of the mortgage industry and can help you find the best deal possible.