Independent mortgage brokers have had a significant positive impact on the lending industry. Today, the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers.
By: Phoenix Lee/
Who are Independent Mortgage Brokers?
A mortgage broker is an independent real-estate financing professional who specialises in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources.
A mortgage broker is also an independent contractor working with (on average) as many as 40 lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals.
What do Independent Mortgage Brokers so?
In the volatile home-lending market, independent mortgage brokers can serve as safeguards, offering their clients security, safety, and peace of mind. One of the broker’s most important functions is escorting your loan application through the entire process, constantly patrolling the component transactions for possible breakdowns.
A professional mortgage broker can wade through the mountains of rate data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options.
Most importantly, Independent Mortgage Brokers can handle details!
There are literally thousands of variables that can affect the outcome of your mortgage transaction. That is why you need a mortgage broker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.
A mortgage broker also:
- Discusses and explains financing program options,
- Informs you, in writing, of lock-in options,
- Explains all documents of the loan application,
- Explains all associated costs of the loan application,
- Explains the disbursement of all loan applications,
- Explains the loan process, from application to closing,
- Provides you with a good faith estimate of cost and fees,
- Communicates with you throughout the loan process in a timely manner, and
- Coordinates the final closing of your transaction.
Independent mortgage brokers are also available to offer the best mortgage tools available on the Internet. This makes it easy and convenient for sophisticated borrowers to do online shopping for the best loan programs and most current rates available, together with the assistance of an experienced live loan officer to guide them through the often difficult and confusing process of choosing and getting the best home loans to meet their specific needs.
Independent mortgage brokers are especially important for home-buyers as there are many important things to consider throughout the home buying process, especially if you are a first-time homebuyer.
Independent mortgage brokers know that helping you secure mortgage financing is not enough, so they are comitted to helping you manage your mortgage over time. The key to mortgage management is to limit interest expense and build equity in your property.
Tapping into the experience and overview of top quality mortgage brokers can easily save you much more than the broker’s fee. As a result of being “in the trenches” every single day of every single week, a top quality mortgage brokers are at the cutting edge of what is being offered, of how far the envelope can be pushed, as well as the specific language beneficial to the borrower that has been successfully negotiated on other transactions.
The key to choosing a top quality mortgage brokers is the same as for choosing any other professional – word-of-mouth references, as well as due-diligence on the broker’s background, experience and reputation are important.
Of course, it’s critical that the broker you choose is deeply engaged in the current mortgage marketplace, is a good communicator and a skilled negotiator. Utilising independent mortgage brokers allows you to tap in to a high level of expertise and experience that can help you to best achieve your goals. Independent mortgage brokers have had a significant positive impact on the lending industry.
By combining professional expertise with direct access to hundreds of loan products, top quality mortgage brokers provide the most efficient way to obtain financing tailored to your specific financial goals.
When using the mortgage broker services, know that the broker has a duty of fairness and honesty to both you and the lender. Mortgage broker services are free as brokers are paid directly by the lender who funds the loan. Brokers usually act as your agent with the lender.
In short, independent mortgage brokers makes sure that you are not unnecessarily rushed and make the best decisions in choosing the home loan which suits your unique situation.
How to Secure a Home Loan Quickly
When using mortgage broker services, know that they can set you up on a path that can get you the best home loan meant only for you, in a quick and seamless manner.
Our consultants at iCompareLoan have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home or commercial purchase needs. Find out money saving tips here.
Whether you are looking for a new home loan or to refinance your existing one, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.
For advice on a new home loan.
For refinancing advice.