What are Mortgage Brokers?
Financing your home purchase can be a complex and drawn out process. You have two options when applying for a mortgage: going directly to a bank vs using a broker. A bank will put you through their internal approval process while a broker will make the application for approval on your behalf.
Brokers provide an advantage in that they work with multiple different banks and can tailor an application to meet the bank’s specific and often strict criteria. Both parties will look at all aspects of your financial situation and serviceable income. Credit history is checked, and external debt often has to be cleared out before applying for a loan. Brokers will also help you put in a financial plan and budget in place if they think you are not quite ready for loan approval.
Here at DDL we work with multiple banks and brokers to give our customers a range of choice. We work closely with Swift Mortgages, Fundmaster and Loan Market. Get in touch with our sales team today to see which broker we recommend for your situation.