Home Mortgage Guide
What are the benefits of using a Mortgage Broker?
The biggest advantage of using a Mortgage Broker over going direct to a bank is choice.
- When you work with a Mortgage Broker you have access to all of the lenders on their panel and over a hundred different loan products, while a banker only has access one bank’s products.
- Having more choice ensures that you are more likely to obtain a product that best suits your individual circumstances.
- In addition, all lenders have different policies. Just because you don’t comply with one lenders policies doesn’t mean that you won’t be approved with another lender. A Mortgage Broker is experienced and is abreast of all lender policies and can guide you to the lender that is most likely to approve your application.
Many Mortgage Brokers own their own business and are committed to their clients for the long term. Given that they deal with different lenders and lending scenarios on a daily basis they regularly deal with a variety of lending scenarios and are experienced in all facets of lending.
A quality mortgage broker will assist you at every stage of the lending process, offering advice, guidance and support. They will do the leg work for you. This includes:
- communicating with the lender of your choice
- assisting you to complete your lending application
- and liaising with conveyancers, solicitors and real estate agents to ensure that the whole process is as smooth as possible with no fuss.
Long Term Relationship
When you find a great mortgage broker, it’s likely that you’ll build a long term relationship with them. They will look after you for the life of your loan, and make sure you’re always in the right position financially. They’ll pro-actively stay in contact with you, regularly checking that you have the right mortgage that best suits your current and future financial requirements.
From our Clients
In March 2016, we approached Gippsland Mortgage Solutions to refinance as we needed to upgrade our car. From the minute we spoke with Kim, we knew we were in good hands. We had a tight deadline which Kim was able to meet. Over the years we have engaged Kim for our lending needs, she has always looked for the best solution. Kim has exceptional customer service and we have and will continue to refer our friends and family to Gippsland Mortgage Solutions.
Thank you Kim for making what we think is going to be a daunting experience, a seamless one.
Mortgage Approval Process
STEP 1: Initial interview
During your initial interview with Gippsland Mortgage Solutions, you will learn exactly what to expect from the buying and financing process. We will explain the key steps of the home loan application process, and by the time you leave, you’ll know exactly what information you’ll need to provide and what the process involves.
STEP 2: Application lodgment
After discussing your specific situation and your individual objectives with you, we’ll assist you to choose the lender and product from our panel of lenders that best suits your individual circumstances. We will then lodge a loan application on your behalf, ensuring all aspects of the application are fully and appropriately completed.
STEP 3: Pre-approval
The lender will assess your application and provide provisional approval on your loan, based on your current situation. This is known as ‘pre-approval’, and usually comes with a list of criteria that you must meet before the lender will formally approve your loan. As the pre-approval is based on your current financial situation, it’s important that you keep your financial circumstances consistent and stable until the purchase of your property goes through.
STEP 4: Lodgment for formal approval
Once you’ve met the lender’s conditions, we’ll apply for formal approval on your behalf.
STEP 5: Formal approval
Once your mortgage provider decides to grant formal approval, they’ll send us your formal offer letter. We’ll review it to ensure everything is in order, then forward it to you and your legal representative and also advise your Real Estate Agent. A few days later you’ll receive your home loan documents, which you will need to sign.
STEP 6: Execution of loan documents
Once your loan documentation arrives, we will make an appointment with you to go over all of the information and assist you to complete the sign up.