Hi I am Kim Wight and I am a Mortgage Broker based in Sydney. Often when I am talking to people they will say “What is a Mortgage Broker?’’ or “What does a mortgage broker do?”
To explain my “job” cannot be done in a handful of words as simply saying I help people get the right home loan for their needs does not even starch the surface of what I do.
Mortgage Broker – one job, many roles.
When people are looking to get a home loan either to buy their first property, upgrade to a bigger home, build, renovate or buy an investment property they want to know if they can afford the repayments and they want to get the right home loan that is available to them. This is where I start my role as a mortgage broker.
GETTING TO KNOW YOU
I will talk to you about what you are trying to achieve, ask questions about what your plans for the future regarding the property you are buying and also your personal plans. How you answer these questions helps decide what sort of home loan features you need such as redraw being available or an offset account.
DECIDING HOW MUCH YOU CAN BORROW
I will also ask about how much you earn and what savings you have along with what other financial commitment s you have such as rent, personal loan, and credit card limits as this information determines how much you can borrow and what is your maximum purchase price.
CHOOSING A LENDER
Once we know how much you can spend I will show you the loans available to you from a large number of lenders including all the major banks. Each lender has a different way of assessing how much they will lender you and also their credit policies can also be different regarding the type of property you want to buy. I have access to these policies so together we can work through your home loan options and you can choose the lender and loan product you want to use.
COMPLETE A HOME LOAN APPLICATION
Now that you have decided on a loan and a loan amount I will need some paperwork from you as evidence of income and savings and complete a home loan application and sent it to the lender of your choice. I deal directly with the lender on your behalf and answer any questions they may have regarding the application.
Once I get formal advice from the lender that the loan has been approved I let you know and if it is a purchase I also advise your solicitor. I will then follow up the lender to make sure your mortgage documents are sent to you for signing and will go through these with you to make sure you understand them and they are signed and completed correctly. I then send these back to the bank for checking and arranging the settlement of the loan.
IS THAT THE END ?
No ! Once the loan has settled and you are in your new home or have your investment property, I am still around to answer your questions and keep you up to date in what is happening in the property and home loan market.
I will contact you once a year to make sure you are happy with your loan and let you know of any better interest rates on offer.
A COMMON QUESTION ABOUT MY SERVICE.
The most common question people often ask is what fee I charge. The answer is simple $0. Nothing.
I am paid a commission from which ever lender you choose. There is no charge to you and the interest rates and products are the same as you would be able to get if you went directly to the lender.
If you need to arrange a home loan or have any home loans questions call me Kim Wight Mortgage Broker Sydney on 02 95 94 5722 between 9am-5pm Monday to Friday and I would be happy to help you. When you call you will speak directly with me and will only have to tell your story once.