A mortgage broker Maroubra is participant of the financial market, which acts as an intermediary between banks and borrowers in loan transactions of individuals and legal entities. On the basis of individual arrangements with banks and financial institutions, brokers can offer their clients the most favorable conditions at rates lower than those offered by banks.

The list of services a mortgage broker include analysis of documents, assessment of the borrower’s ability to pay, selection of the best loan program in accordance with the needs of the borrower, detailed calculation of all related expenses and the comparative analysis of the loan scheme. They also handle explanation of the features lending to banks, recommendations to improve the status of the borrower, formation of a full package of documents for submission to the bank and preliminary approval of the possibility of lending.

The same applies to the submission of an application to the bank, support review of the documents in the borrower’s bank account, shortening of the application and reducing the risk of failure for a loan.

In developed countries, a mortgage broker Maroubra are full components of the financial market. Traditionally, banks and other lending institutions sell their products on their own. Today in most developed financial markets (especially in the U.S., UK, Australia, New Zealand, Spain and Canada) mortgage brokers are the largest distributors of financial products to borrowers.

Contract between mortgage brokers and their clients must indicate the size of the commission of the loan amount in the range of 1-4% (in rare and complex cases – up to 10%), depending on the type and complexity of the credit transaction. Compensation may be in the form of a fixed amount.

A broker provides expert advice on all financial matters. By analyzing the documents of the borrower and its financial condition, loan broker selects the most suitable for the customer credit program, helps to fill out questionnaires, statements and other documents.

After gathering the required documents, mortgage broker submits it to the bank selected in advance under the agreement. The bank, in turn, examines the documents and processes for making a preliminary decision on lending to the borrower.

If approved, the bank, the bank employee prepares a loan agreement and treaties provide a credit transaction for signature by the client. Since the signing of the loan agreement, contract security and insurance customer enters a bank in the credit relationship , acquires the status of the borrower and endowed near civil rights and obligations.

After the signing of the loan agreement the borrower receives the loan amount at the box office of the bank or on a plastic card.