How to Become a Mortgage Broker. A mortgage broker is in charge of assisting customers to obtain a mortgage from a lender and arrange documents to secure a mortgage loan with them Mortgage Broker Dungannon. They can also advise on whether or not a customer is eligible for an individual mortgage loan to which they are applying. Customers can use mortgage brokers to obtain mortgage loans on their behalf. Mortgage brokers can arrange documents such as application forms, mortgage interest rate quotes and loan agreements to be provided directly to a borrower.
Mortgage Broker – Step by Step Guide
The first step when wanting to know how to become a mortgage broker is to find a good broker. It is preferable if the broker is connected to a large number of financial institutions and can provide information on hundreds of lenders. Many internet search engines are good for finding a good finance broker. When conducting a search, ensure that the broker you choose is independent of any lending institutions. There are a lot of unscrupulous brokers who have established their reputation on referrals alone which make it very difficult for individuals to differentiate between reputable brokers and others.
Once you have found an experienced broker you want to get to know how to become a mortgage broker using the online application process. Online applications are faster and easier to complete than faxed applications. Once you have completed the application form you need to select a lender from the lender list and submit your application. You then wait up to ninety days to see if you are approved or rejected for financing. Most lenders will notify you via email and phone call confirming the status of your application and shipment of documents to you.