Mortgage Brokerage is a business transaction that involves a mortgage borrower and lender through the presence of a mortgage broker. A mortgage broker brings together mortgage borrower and lender together by acting as the intermediary between the two. The broker acquires the necessary documentation in order for the borrower and gives them to the lender so that the borrower is able to receive the funds.
A mortgage broker is responsible for ensuring that the borrower gets a loan they need. The broker gets the records of the borrower's assets, bank reports, employee's payslip and other documents that will improve their credit viability. They help the borrower to fill a lender application form and explain all the legal requirements and implications. The broker then is able to determine for the borrower his loan value and then presents it to the lender. He then continues to communicate with the lender while in consultation with the borrower until he is finally able to an approval of the transaction.
A mortgage broker can work for individuals, corporate entities, high-net-worth individuals, small-scale businesses and many more.
They usually get paid one percent of the loan amount after closing the transaction. Sometimes they are paid by the lender so that you do not have to incur costs on your loan.
The following are some of the factors you should look at when seeking the services of a mortgage broker:
You should find out the reputation of the broker. Find out if they have a website, if they seem credible and if they have won awards. It is easier to trust someone who has social media presence because they will be known by many people. If they are known by people then you will be sure they are credible.
Find out if the mortgage broker is registered and licensed by the relevant financial body. Since most professional bodies have a list of valid professionals on their website, you can look for their name on the list in the financial services commission website. Check mortgage broker winnipeg to learn more.
Ask for references of previous clients that they have attended to and seek to know whether those clients are satisfied with them. You can look for reviews on their websites. Check www.clearhome.ca for more info.
Meet in person with the middleman so that you can get well acquainted well and hear what they say. The interaction will make you know them at a personal level and you will also manage to ask a variety of other questions that you need clarification in. Visit https://www.wikihow.com/Choose-a-Mortgage-Broker for other references.