How Can a Mortgage Broker Help you

Posted by SCS Mortgage on August 13th, 2019

What is a Mortgage Broker? Basically they are the same as any kind of brokers. They are the intermediaries between the banks and the consumers. Mortgage brokers are still relatively new in Malaysia. Here, they are also known as Mortgage Consultants or Mortgage Advisers. Different mortgage brokers have different working styles. Some merely help you to finance your property while they themselves know nothing much about mortgages. Some will monitor the mortgage market and help you to seek for the lowest interest rate. Some will analyze both the market and your financial commitment, so as to determine the right package for you. cimb refinance housing loan

Mortgage Brokers are paid by the banks if they managed to help you secure you’re funding. If a mortgage broker asks you to pay an upfront fee to him, please kindly discuss with him on the fee structure before committing to the service. Banks pay different commission to these mortgage brokers. Some of them might try to get you to obtain financing from a particular bank, not because of lower interest but because he will be able to get a higher fee. A good mortgage broker knows the industry well, and even if the clients faces litigation problems or want to seek refinancing even though he is jobless, the broker can still steer him to the right bank. A good mortgage broker can also polish up a client's application when there is a bit of credit problem. In the present real estate industry in Malaysia, the numbers of mortgage brokers are still relatively few. 

People normally look towards their house brokers for advice on bank loans. A house broker is still a house broker. They may be the experts in helping you to sell or buy a house, and they are experts because they spend a lot of time doing this. However they may not know much about mortgages at all. Housing agents often work with only one or two banks. They normally call up the mortgage bank officer and ask him or her to attend to you instead.  debt consolidation malaysia

One plus point about working with a mortgage broker is this: Imagine you walking into the bank for a mortgage advice. The mortgage specialist tries to close the deal by pressurizing you to sign up for the loan. A mortgage broker is different as he goes through your unique financial situation with you, and work with you to obtain the most appropriate financing. 

Refinance Mortgage loans are popular and can help to increase your monthly disposable income. But more importantly, you should refinance only when you are looking to lower the interest rate of your mortgage. The loan process for refinancing your mortgage loan is easier and faster then when you received the first loan to purchase your home. Because closing costs and points are collected each and every time a mortgage loan is closed, it is generally not a good idea to refinance often. Wait, but stay regularly informed on the interest rates and when they are attractive enough, do it and act fast to lock the rate.

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