Traditionally, banks and other financial institutions have sold their own products. However, as mortgage markets became more competitive, the role of the mortgage broker became more popular. Today, in the most developed mortgage markets (especially in Canada, U.S., UK, Australia, New Zealand and Spain), mortgage brokers Melbourne are the largest sellers of products for mortgage lenders.
The role of mortgage broker
Mortgage brokers exist to find a bank or a direct lender that makes available a specific loan that the individual is seeking. Mortgage brokers charge fees based on the percentage of the loan amount in 1 to 3% of the loan amount. Most mortgage brokers are regulated to ensure compliance with banking and / or finance laws in the jurisdiction of the consumer, however, the extent of regulation depends on the competence.
How can mortgage brokers Melbourne help you
A mortgage broker is a well trained professional representing those who seek residential mortgages and provides them with an ideal solution. It is complete as to the full mortgages processes. Thus, it will give customers the best mortgage solution. A mortgage broker is considered a financial matchmaker between the borrower and the lender. Mortgage brokers Melbourne are very well prepared professionals and have contact with hundreds of lenders.