What is the role of a mortgage broker, what can they do for you?
Our ultimate role is to take all the stress out of applying for a loan or refinancing. We do the running around and we ask the questions that will ensure that we get the best available loan for you and your situation. It is important that your finances go to the right bank/lender.
The first step when working with a mortgage broker is to meet with you and discuss the type of loan you are looking for and what is important to you. From there, we will be able to give you a list of lenders and what they each offer. Who you choose is ultimately up to you. We will then advise you what documentation is required before your loan can be submitted. We handle all the correspondence with the lender, while you sit back and relax.
Do mortgage brokers get better deals?
Although the banks advertise the same rates to mortgage brokers as they do their clients, we have access to all of the banks’ rates. This means we may be able to get a better rate at another bank, or ask your current bank to either match it or better the other banks offering. It is important to remember though, that it’s not always about the rate. Our goal is to find the best solution for your needs.
Do mortgage brokers charge a fee?
This depends on which firm you use. At Seajay Mortgage Brokers we do not charge our customers a fee. It is important to be aware that there are some other brokerage firms that will charge you so it is important that you check with each broker.
Do mortgage brokers get commission?
Yes, we do. Once a loan we have submitted to a bank or lender has settled, they will pay us a commission. Each bank or lender pays around the same rate in commission, which means we are working in your interests.
Are mortgage brokers better than banks?
We might be a bit biased but yes, we are! It is important to note, however, that banks and mortgage brokers work together, not against each other. If you walked into Bank A you should be able to get the same rates as a broker would if they also took you to Bank A. What Bank A can’t tell you though, is that Bank B may have a better rate for you or facilities that suit your needs more. Another thing to consider is that you may not fit into Bank A’s criteria and get declined, whereas Bank B, C & D think you’re the perfect client for them. It is the knowledge that Mortgage Brokers have of all banks that make them better than a bank.
Have another question? We’d love to hear from you!