What is a Mortgage Broker?

A Mortgage broker is typically an intermediary who connects a borrower and a lender as per the need of the borrower. Mortgage brokers communicate with the borrower as well as the lender. Unlike a Mortgage Banker a Mortgage broker do not use their own money but instead are connected to multiple individual lenders, banks or institutions. Their main work is in real estate and their main role is to guide the borrower towards a lender that suits their needs. Additionally they are also tasked with making sure that the borrowers profile is in the best form it could be in before presenting it to a potential lender.

 A mortgage broker works towards making sure that a borrower finds the best possible lender for their financial situation and also the best possible interest rates. Furthermore a mortgage broker is paid only upon the final closing of a deal between the borrower and lender. There are a few type of mortgage brokers for example regulated and unregulated. Moreover they are connected to different types of lenders such as limited, exclusive etc. SBL is not only a fully regulated broker in Hampshire but also has access to well over 155 lenders as well as exclusive and semi exclusive lenders.

Mortgage broker and client

Apart from the above mentioned a mortgage broker is up to date on the loan options from the lenders. All the while making sure to qualify the client for said loans or mortgage. A mortgage broker might need certain information from a client, for instance income, assets, employment status and credit scores. With this a broker would conclude the ability of a borrower to secure financing. This information would also enable a broker to determine the appropriate loan amount, loan to value and the borrowers appropriate loan type. Once an agreement has been reached the lender funds the loans and the broker gets a commission. The commission is usually paid for by the borrower. The mortgage broker gets paid at the end of the transaction once it is complete. With SBL Mortgage broker Hampshire, there is the option of fixing the profile and finding a suitable lender even after a rejection.

End note

To conclude with, a mortgage broker helps the client or the borrower to find a deal that works best for them as per their financial situations and interest rate necessities. A broker finds the suitable lenders to loan to the borrower as well as ensuring that the borrowers profile is in perfect order before presenting to the lender. As a good profile has a better chance of being accepted by the lender. Not to mention a mortgage broker guides in fixing issues with the clients profile or credit report in order to better enable them to receive loan.  Let us not forget to add that SBL is a trustable Mortgage broker in Hampshire who are also a member of the LIBF. To expand upon it the LIBF is the London Institute of Banking and Finance.