Mortgage Brokers
Mortgage is a type of loan in which a borrower borrows money from a lender by keeping his property as security. In this a borrower can be an individual, a home owner, a landlord or anyone interested in buying the property for that matter. The lender may be a financial institution like a bank or even investor's who want to invest their money. Apart from these there needs to be someone acting as an intermediary for the deal to take place as in such matters great risks are involved. Thus it is very important for both the money lender as well as the money borrower to have someone in between who can guarantee the lender on behalf of the borrower and the borrower on behalf of the lender. Thus the main function of this person remains to crack a deal. Such a person is called as a broker.
Mortgage Broker
A mortgage broker is an individual or a company acting as an intermediary to make a deal between the borrower and the lender. A broker is the one who acts as a liaison between lenders and brokers. The function of a mortgage broker is to help the borrower find a suitable lender for his requirements of loan. A broker studies all the lenders in the business and when a borrower consults the broker for assistance he selects and prescribes the most suitable lender for the loan depending upon the borrower needs and situation. These brokers at a same time work with numerous lenders and borrowers. Today majority of the mortgage products are distributed by these brokers all over the world.
Functions of a mortgage broker
The functions and the responsibilities of a mortgage broker changes as the jurisdiction changes. The general functions of a broker depend on their service depth and also their liabilities. Some of these general functions are listed below.
- Attracting clients through marketing.
- Studying the economical conditions of the borrower.
- Deciding a suitable mortgage product for the borrower that is available in the market.
- Applying for an agreement in principle for the lender.
- Keeping a record of all the essential documents such as bank statements and payslips.
- Filling of an application form of a lender.
- Explaining the borrower about all the legal proceedings.
- Submission of the documents to the lender.
Mortgage Brokers Australia
Some of the mortgage brokers in Australia are listed below.
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Finance House International
P.O. Box 3929
Parramatta
NSW 2124
Australia
PHONE: 1300 306 394
FAX: 1300 764 392
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TMS Commercial Finance
PO Box 1560
CROWS NEST
NSW 2065
Phone:1300 768 508
Fax: 1300 768 509
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JBA Finance Solutions
Suite 1, First Floor
171 Brisbane Rd
MOOLOOLABA QLD 4557
Phone: +61 7 5477 5300
Fax: +61 7 5477 5311
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Mortgage Brokers Australia
Centro on James
Unit 6, 182 Robertson St
Fortitude Valley,
QLD, 4006
Phone: +61 (0) 7 3257 2822
Fax: +61 (0) 7 3252 2733
Email: admin@mortgagebrokersaustralia.com.au