A mortgage broker is a middleman responsible for managing the process of mortgage loans for people and businesses. In general, a mortgage broker in Dublin establishes a connection between a borrower and a lender. However, they don’t use their personal funds to build the connection. Mortgage brokers commence their task by learning about the borrower’s financial position while attempting to link them with lenders that can offer good interest rates to the buyer.
Besides, a mortgage broker will gather all important documents from borrowers and endorse them to potential lenders for further approval or processing.
How can a mortgage broker help me?
The duties and work of a mortgage broker can vary as per their liabilities and service offerings. Their duties are as follows:
- Marketing the services to potential clients
- Learning and assessing the potential borrower’s financial positions and loan repayment capacities
- Conducting market researches to examine or source mortgage products as per the suitability of the client or borrower
- Providing necessary assistance to the client for procuring pre-approval concerned with mortgage loans
- Collecting necessary documents like payslips, documentations, and so forth
- Completing the procedures involved in the application for mortgage loans
- Enlightening the client or borrower about the legal closures
- Submitting document requirements to a potential lender
- Sourcing a money-saving choice for the clients
A mortgage broker is a middleman connecting the borrowers and lenders, and the procedure commences when a client desires to purchase a new property or seek a refinancing option. The client will approach a mortgage broker, while the mortgage broker will approach several lenders to determine the rates for offering options that suit their condition.
Besides, a mortgage broker will gather all relevant documents like proof of income, employment, credit reports, and details related to the client’s assets. These brokers can also gather relevant details that can be essential to examine the borrower’s capacity to secure finance from a lender. The mortgage broker will come up with an estimate of the loan amount for its borrower and the loan to value ratio. Next, this broker must submit the finance application to lenders for final approval. So, a broker will act as a liaison between the borrowers and lender throughout the entire process.
Advantages of a mortgage broker in Dublin
A mortgage broker can save the time and efforts of the clients as they are equipped with the necessary information for borrowers. For example, they possess a large volume of information related to repayment terms, lenders, or administrative fees often concealed in the contracts. However, as a borrower, you’ll be required to conduct a little research on your own.
Brokers are acquainted with different lenders. This can ease the process as most lenders only work alongside their clients.
A broker can help clients manage fees incurred when obtaining mortgages or approaching new lenders. These fees can range from application fees, origination fees to appraisal fees. The origination fee on the loan amount can range from 0.5% and 1%.