Mortgage brokers specialise in advising, and providing clients with service to secure any of a myriad number of home loan lending programs. Mortgage brokers work with first home buyers, home owners wishing to refinance their existing mortgage and other existing home owners.
Mortgage brokers act as intermediaries between banks and other direct lenders and individuals seeking equity finance. Mortgage brokers will be affiliated with a number of home lenders and will present customers with product options from those lenders. A mortgage broker is engaged by an individual to find the best home loan option for the individual customer. Mortgage brokers use both their access to and understanding of the many products on offer, in order to achieve the best result for the individual customer.
Accredited mortgage brokers might not charge for their services as they are paid a commission by the home lender. The rate of commission or fee paid by the home lender to the broker does not affect the conditions and interest rates of the loan for the individual. Mortgage brokers are government regulated and are also subject to consumer protection legislation. Many brokers are also members of a finance industry body. Products presented by mortgage brokers are from home lenders with whom that mortgage broker generally has a professional affiliation with.