If you are buying a new home, one of the first steps is to research mortgage brokers. Victoria offers a diverse housing market, with home types to accommodate every level of need, from bachelor condos to mansions. With housing prices ranging from $100k well into the millions, mortgage brokers can be an important part of the home-buying process.
A mortgage broker is a middle person between the lending company and the individual. Their job is to locate a lender who can offer the exact loan that the prospective homebuyer requires for the property they are interested in. Typically, mortgage brokers are regulated, in order to ensure that they abide by the finance/banking laws in place in the area in which the prospective homebuyer is located. In addition, mortgage brokers are liable for any advice given in the process; they must ensure that it is appropriate, and they must be accountable if the advice is faulty.
In some cases, mortgage brokers are more like salespeople, essentially pointing the individual toward the right lender, without giving any advice.
Usually, however, mortgage brokers undertake the following tasks:
• Marketing their services
• Assessing the borrower’s financial status
• Finding the correct product
• Applying for a lenders agreement
• Gathering the correct documents
• Completing the lender application
• Explaining the legal contract
• Offering appropriate advice
• Submitting the application and documents
Whether you are buying your first home or another, one of the most important first steps you can take is to look for mortgage brokers. Victoria, with its diverse housing market, has something for everyone.
Buying a home is an exciting time and usually the biggest investment in life! You definitely need some advice from a full service professional mortgage broker; Victoria’s Best Mortgage will provide you with all the facts you need to know before making such an important move. With access to multiple lenders, Andrew and his team will help you to find the best rates and best mortgage product tailored to your unique situation