What will a mortgage broker actually do?
The mortgage broker, or mortgage adviser will review the mortgages available to you based on your personal financial situation, such as income, deposit etc. and apply for one on your behalf.
They can save you a lot of time by telling you which mortgage lenders are likely to accept you, how you could improve your application, and could help speed up the process by dealing with some of the paperwork.
Mortgage Brokers Network – UK is here to assist you with paperwork, including the list of following services with additional charges:
- Work with multiple lenders to bring you the best deal, as a homebuyer.
- Formulate loans to later allocate to lending companies.
- Serve as an intermediary connecting lenders and borrowers seeking mortgage loans.
- Assess pay stubs, credit history, tax information and bank statements for analyzing financial condition.
- Ensure compliance with banks and or financial laws in the jurisdiction of the consumer.
- Sell loans in the name of other organizations and businesses.
- Verify the income of the borrower as well as gather their credit information.
- Follow through with lender and client during approval process.
- Explain the legal aspects of the loan to the borrower as well as the payment terms and clauses to them.
- Define repayment terms to consumer and educate them on default consequences
