How A Mortgage Broker Helps During Loan Application
There different types of mortgage brokers. Well, as much as their operations can be similar, they each have their unique sets of advantages and disadvantages, These three types of brokers include bank representatives, mortgage marketing agents, and mortgage brokers. That aside, the loan application process is usually not as straightforward as many people see it. As such, you need to walk with the best mortgage broker in Perth WA to avoid making costly mistakes that might hurt your objective of owning a home. Here are some areas where mortgage brokers might be of help.
Having many credit inquiry notations
As an applicant, it is natural to go against all the odds to secure the best deal. This may involve doing things like making credit inquiries from the lenders. However, making to many of these inquiries can hurt the loan inquiry process considering that most banks prefer working with an applicant with few credit inquiry notations. As such, you should delegate the application process to an experienced broker who will only submit a loan application only when they are convinced it will be granted based on your needs.
Poorly written application
A poorly written loan submission often leads to a failed application. A poor submission is one with intentional or innocent omissions on details about the credit history of the borrower. Consequently, most applicants associate most omissions in the application foam with fraudulent activities. To avoid this, it is prudent to have your mortgage broker analyze your credit report and ensure that all other details concerning the same have been duly filled.
Property appraised as less than the purchasing price
The value of any property is assessed or determined by a valuer. As such, during the loan application process, the appraised value should always tie with the purchase price. If these two values are not in harmony based on the lender’s requirements, your loan application mission is doomed to fail. If the lender’s valuation is less than the purchase price, a mortgage broker can be of great help in renegotiating the valuation or looking for another bank with an appreciative price of your property.
No savings history or irregular saving patterns
Any lender or banks would want to give a loan to someone with a regular income stream or a consistent saving pattern. Without either or both of these requirements, a mortgage broker can be of great help in looking for lenders that give loans from unsaved deposits.
Having a mortgage broker by your side during the loan application is good for all right reasons. First, you are assured of having the best loan. Secondly, you save on time you would have spend moving from different lenders. Ultimately, a good broker helps you avoid making avoidable mistakes during the application process.