What does a mortgage broker do?

A mortgage broker helps you find the best home loan by connecting you with a variety of lenders. They work with multiple banks and financial institutions to offer you different loan options based on your financial situation.

How is a mortgage broker different from a bank?

A mortgage broker isn't tied to one bank or lender. They can compare loans from multiple sources and help you find the best deal, whereas a bank can only offer loans from their own institution.

How much does it cost to work with a mortgage broker?

In most cases, mortgage brokers are paid by lenders, not clients. They usually receive a commission from the lender for successfully arranging a loan. However, it's always good to check if there are any fees involved before proceeding.

Do I have to pay for a consultation?

NO, initial consultations with a mortgage broker are free. This is an opportunity to discuss your loan options and see if working with the broker is the right fit for you.

What documents do I need to provide?

You’ll need to provide documents like proof of income (payslips, tax returns), bank statements, ID, and information about your current debts and assets. Your broker will guide you on exactly what’s required.

How do I know if I qualify for a mortgage?

A mortgage broker will assess your financial situation, including your credit score, income, debts, and assets, to determine which loans you qualify for. They’ll help you understand your borrowing capacity.

How long does the mortgage process take?

The mortgage process can take anywhere from a few days to a couple of weeks, depending on factors like the lender’s processing times and whether all required documents are submitted on time.

Can a mortgage broker help if I have bad credit?

Yes, mortgage brokers work with a range of lenders, some of which specialize in offering loans to people with bad or poor credit. They can help you find the best options available for your situation.

Do mortgage brokers only help with home purchases?

No! Mortgage brokers can assist with home purchases, refinancing existing loans, or securing a loan for renovations. They also help with investment properties and first-time buyer programs, business finance, car loans and everything in between.

Will a mortgage broker save me money?

A good mortgage broker can help you find better rates, reduce fees, and guide you toward loan options that fit your needs. While there’s no guarantee of savings, many people find that using a broker saves time and money compared to doing it on their own.