Duties of a Mortgage Broker

Not so long ago, it was only banks and some financial institutions that could offer mortgages to interested clients. However, looking for a mortgage is now easier with the help of a mortgage broker who will help clients to find the right mortgage that will meet their needs. Since the broker is not employed by the bank or by a certain lender, the mortgage broker will not be influenced by any lender and there will be no biases when it comes to choosing the right mortgage for the client. Mortgage brokers have a lot of duties and responsibilities. Some of the duties of a mortgage broker would include the following:

Understanding clients’ finance needs.

A mortgage broker Mississauga should be able to carefully assess the financial background and history of the client so that it will be easier to trim down the choices for mortgage offers and eliminate those that do not meet the client’s requirements. While the broker is in the process of assessing the financial background of the client, a credit report of the client is needed. This is because the credit report, which has the credit ratings of the client, will determine the mortgage interest rates.

Finding the most suitable mortgage for a client from various mortgage offers available in the mortgage market is critical part of the job. Assisting the applicant during the pre-approval stage of application for the mortgage is also important. The pre-approval stage of application for a mortgage is the most stressful stage for applicants but with the help of a broker, this stage won’t be too stressful because the broker will ensure that the applicant will be able to pass this stage based on sound honest advice.

Gathering all of the documents that are needed for the application process from the applicant is the next stage of the process. These documents are very important because the application will not be processed without the essential documents submitted to the lender in a timely manner. Helping the applicant in filling up the form for application of a mortgage can be tedious, in the event the mortgagor is not truthful in their responses. Filling up the application can be difficult for applicants especially if they do not know how to fill it up properly or with honest intentions. Errors can be avoided and the application form will be processed immediately and submitted to the right lenders once the form is filled up and reviewed by the broker.

Brokers also ensure that all of the documents and the application form will be submitted to the mortgage provider under the strictest of confidence. The mortgage broker provides all the information about the mortgage to the applicant in writing, inclusive of interest rate and borrowing terms to review. These documents will include all the legal information that the applicant should be aware of. The mortgage broker should make sure that the applicant understands the terms and conditions of the mortgage and if there are any problems, the applicant can always ask questions to the broker. All of these duties, not limited to what has been described in this article are just a fraction of what a great mortgage broker offers his clients who are seeking the best mortgage or refinance.