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FAQs
What is a mortgage broker?
A Mortgage Broker is a person or business that arranges a mortgage between borrowers and lenders. A mortgage broker will typically liase with a number of banks on behalf of their clients to source the best loan.
Is there a difference between a home loan and a mortgage?
Whilst a mortgage involves a loan, there is a difference. With a mortgage you are entering into a legal agreement which gives the lender (mortgagee) conditional ownership of the real estate asset should you (the borrower/mortgagor) not uphold the terms of the loan. A loan is the vehicle in which money is lent to an individual or company supported by a mortgage over a property.
What are the advantages of having a mortgage broker?
There are multiple advantages of having a mortgage broker when it comes to purchasing a property. These include:
- Expert Advice: Having an experienced broker who is also an experienced home owner, investor and business owner enables clients to get the very best advice for their personal situation.
- Best Interest Rates: Mortgage brokers have access to multiple lenders and have multiple clients, which means they have leverage and knowledge in negotiating the best interest rates that would be hard to match if you were trying to find a loan yourself.
- Time Saved: Mortgage brokers simplify the lending process so you don't need to go exactly the same application process with multiple lenders. They navigate policy, appetite, pricing and structure to ensure you get the best outcomes.
- Money Saved: Not only will you will save with better interest rates and better structures, but you typically don't have to pay the mortgage broker as the bank does.
- Relationships: A mortgage broker has deep relationships with multiple lenders which they can leverage to your benefit. This allows urgent applications to progress quickly without delay.
How much does a morgage broker cost?
Mortgage brokers normally do not charge anything at all. A mortgage broker receives a commission from the lender for completing the credit work on behalf of the lender.
Can Evoke meet virtually?
Yes. Evoke Capital meets with many of their clients virtually.
