Loan and Mortgage Brokering 101

Shopping-Dog-mortgage and loan brokering 2Let's first start with the basics. What is a broker?

According to the definitions from Wikipedia, a broker is an individual or party (brokerage firm) that arranges transactions between a buyer and a seller. A broker earns his/her income when the deal is executed / completed.

A broker is an independent party or person. In certain industries, they are being used very extensively, example the stock brokering and property buy/sell brokering. In certain county like Australia and the United States, most of the mortgage loans are brokered through a Mortgage / Loans broker.

A broker can provide a large amount of considerable market information and data with regards to pricing, products info and market related conditions resulting in savings of money, time, expertly, execution and convenience for clients.

Some examples of broker:

  • Business broker
  • Commodity broker
  • Leasing broker
  • Insurance broker
  • Investment broker
  • Mortgage broker
  • Loan Broker
  • Options broker
  • Forex broker
  • Futures broker
  • Real estate broker
  • Stock broker
  • Serviced office broker
  • Ship broker

 

What is a Mortgage Broker?

Now that we have covered the basic definition of a broker, I suppose everyone can come up with a good guess on what mortgage brokers are.

A mortgage broker basically helps to broker mortgages between a customer and a bank or financial institution. The mortgage broker counsels on the mortgages available from the various banks and financier and pick out the finest solutions that best meet your needs and priorities. A mortgage broker does not fund the loans. The loans are ultimately provided by the banks and financial institutions.

There are some mortgage brokers that front only an online portal website, merely acting as a straight through divert request form to divert your enquiry to multiple lenders to follow up on your enquiry. Customers often then end up getting more than 20 - 30 calls from multiple bankers calling them to request for information and customer repeating themselves over and over again.

At Mortgage Supermart Singapore, you would be rest assured that a full-time personal loan broker will attend personally to your enquiry, understanding your needs and priorities and then submitting your application to the correct financier and bank based on your needs and objectives.

 

What is a Loan Broker?

A loan broker typically quite have the similar job scope of a mortgage broker but provides a wider scope of brokering services like enterprise loans, commercial loans, business loans, trade financing, equipment and machinery financing, project financing, micro loans and property mortgages etc., offering consumers and businesses a one stop solutions provider for all your financing needs. The loans are ultimately still underwritten and financed by the banks. A loan broker does not fund the loans.

Again, you would be rest assured that a full-time personal loan broker will attend personally to your enquiry, understanding your needs and priorities and then submitting your application to the correct financier and bank based on your needs and objectives.

 

Broker Vs Banker

A banker works for the bank while the broker is an independent person or entity that source and provide the best solutions for the customer. In summary, a banker works for the bank while a broker works for the customer.

 

Why Us?

  • Independent Advisor
  • Zero Conflict of Interest
  • Dedicated Personal Consultant
  • Widest Selections from over 25 banks, financial institutions and lenders
  • Latest Promotions
  • Best Financing Deals & Rates
  • Save Time
  • Save Money
  • Service Excellence
  • Ease and Convenience
  • Loan Brokerage Solutions to bring you Savings and Smiles

 

So how does this Loan Brokering thing work?

Step 1: Fact find and gathering information.

Once you have send us your request, we will be in touch with you for a through fact finding by phone/appointment to fully understand your needs, objectives and priorities, gathering important information like your income, assets, employment, business cash flow, business turnover,  source of income, credit rating, purpose and needs.

Step 2: Once we have all the important information, we will then be able to determine what work best for the customer.

Typically we will schedule an appointment meet up for a discussion of the solutions, collection of the documents and the signing of the relevant application forms.

Step 3: Submission and Approval

Your application is then forwarded to the bank for application and approval. Depending on the types of financing and loans, approval can range from a 1-2 days to a month.

Step 4: Letter of Offer generation

Meet up for the signing and acceptance of the letter of offer.

Step 5: Follow up on completion and disbursement of loan

Contact us today for a discussion of the finest financing solutions. Loan Brokerage Solutions to bring you Savings and Smiles!