23 Jun 2021

What Do I Do if a Mortgage Broker Gives Me the Run Around?

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Before answering this question, you must understand what a mortgage broker is and how they get paid. 

What does a mortgage broker do and how do I find one?

A mortgage broker acts as the middleman between you and your lender. They gather all of the application documents lenders require and then help you find the best loan options available to you. In other words, they can help you find the best deal because they have access to a broader range of options. There are many ways to find a mortgage broker. If you purchase your home from a realtor company, they may have in-house brokers. You can also search the internet for reputable mortgage brokers near you. 

How do they get paid?

Typically, mortgage brokers are not paid a typical salary and instead are paid on commission by the banks and lenders who provide their clients home loans. If you apply to a lender through a broker and your application is approved, the bank will pay your broker a commission. The bank will keep receiving smaller commissions for your loan period until either your loan term is complete or you refinance with another lender. In some cases, instead of relying on commission, a broker may charge you fees for their services. 

What are the benefits of using a broker?

Mortgage brokers can find you the best deal on your home loan. They will even fill out the paperwork and submit it to your desired lender for you. When you use a mortgage broker, you can save time and guarantee that all the paperwork will be completed correctly. 

What do I do if a mortgage broker ignores me?

Mortgage brokers are busy. Don’t take it personally if your desired mortgage broker ignores you. However, you do deserve an explanation. If you can’t reach them by phone, try emailing them and calmly enquire why your application was rejected. However, if they still give you the runaround, you should move on to a different mortgage broker. There are many brokers available to work with in Australia. Therefore, you should have no problem finding one willing to work with you. If you are looking for an experienced mortgage broker, contact the brokers at Mortgage House.

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