Finding and buying property is difficult enough all on its own before you start to grapple with finding the finance for that purchase.
Lending is complex. Not all lenders and products are the same. Lender requirements and policies vary. That’s where a mortgage broker comes in.
In this comprehensive guide to the mortgage broker process, we’ll explore precisely what a mortgage broker does and how they can help you through the home loan application process.
What is a Mortgage Broker?
A mortgage broker helps borrowers find finance and, just as importantly, the right loan.
A broker can help you determine how much a lender will give you and how much you are comfortable borrowing, negotiate loan terms (including rates), prepare your loan process, and manage its progress through full approval and on to settlement.
Stages of Working with a Mortgage Broker
Working with a mortgage broker – and in this case, specifically Hatch – typically involves five stages:
- Consultation and discovery.
- Access to the client portal.
- Hatch Deep Dive.
- Selecting lenders.
- Products and processing the loan.
Stage One – Consultation and Discovery
The first contact with a mortgage broker typically involves a phone call or online meeting.
During this stage, the mortgage broker will be seeking to learn what you are looking to do, what is important to you, your financial position and your time frames.
They will ask lots of questions as they seek to understand your circumstances and identify how they can best help you.
At this point, the mortgage broker will typically explain the mortgage application process, start to answer the questions you have and tell you a little bit about themselves so you get to know the broker/business who is helping you.
Trust and confidence in your broker is vital for the process to work best.
Stage Two – Access to Client Portal
After the initial discussion, you’ll be granted access to the Hatch client portal, which is the main channel for providing the documents and information required for your mortgage application.
The portal is secure, and your personal information is protected. The portal streamlines the application process, which helps everyone by saving time and making the process seamless.
Stage Three – Hatch Deep Dive
Once the documents and information are uploaded in the portal, the mortgage broker does a thorough assessment of your position, including getting your credit report.
The broker is looking to establish what, if any, obstacles there are to getting a loan and how much you can borrow across a range of lenders.
The broker’s goal at this stage is to come back to you with an assessment that you can rely on and will match what the lenders will conclude.
At this point, your mortgage broker will be considering potential strategies for improving your borrowing capacity or improving your position to execute your plans (if necessary).
They will provide comprehensive guidance on your options and how to proceed with the loan application.
Stage Four – Select Lenders and Products
Once your mortgage broker has completed the analysis, they take you through how they arrived at their findings and what, if any, changes you might want to consider to help you with your plans.
Your mortgage broker will also talk to you about your lenders and products.
They will listen closely to what you want in a lender/loan and also educate you on the various options (such as fixed or variable rates, offset v redraw and other loan features) so that you can make informed decisions.
At this stage, your mortgage broker is also looking to secure the best rates for you. Whilst rate is not everything, it definitely is an important part of your home loan.
Stage Five – Application process
This is the stage where all the planning comes together.
Your broker prepares and submits a loan application on your behalf.
They liaise with the lender and answer any questions or provide any extra information that the lender seeks.
Some loan applications sail breezily through to loan approval, and others need a bit more manoeuvring, in which case you will be very grateful to have a mortgage broker in your corner to deal with this.
Loan approval is a key milestone for a borrower, but it is not the end of the process.
There are loan documents to be signed and settlement to organise.
Your mortgage broker works to help coordinate with the lender, your conveyancer/solicitor and the vendor, making sure things go smoothly and help deal with any unexpected issues that arise (as is often the case).
Supporting you through the settlement period is a critical part of their job, ensuring that everything proceeds smoothly until you receive the keys to your new property.
How We Are Different
There are several reasons why choosing our mortgage broking services will give you the edge you need for success.
Unlike typical financial services, we do not treat you like a number.
We have developed a strong client-focused culture backed by technology for efficiency and transparency.
We believe in systems and processes that have been tried and proven to work to ensure you obtain the best outcome.
Our team of experienced specialists provides unmatched customer service and a commitment to ensuring our customers’ satisfaction throughout their home loan journey.
The broker assigned to your case by Hatch will be matched with you and your specific circumstances.
We do our best to gain a complete understanding of your financial situation, goals, and priorities.
Our mortgage brokers are effectively your advocate and are focused on helping you achieve your goal.
Work with Hatch to discover the benefits of working with a mortgage broker.
Working with a mortgage broker is a collaborative process that can help you navigate the complexities of borrowing money to finance your property purchase.
Seeking finance on your own can drain your time and put your financial future at risk.
However, with professional help, you can reduce (or eliminate) the stress and risk.
We pride ourselves on easing the tension, saving you time and providing tailored guidance that gets the results.
A mortgage broker is a valuable partner for any borrower looking to get the most from their financing options.
At Hatch, we pride ourselves on understanding our clients and their goals and finding the right financial solution for their situation.
Our comprehensive guide to the mortgage broker process has provided insight into the typical stages of working with a mortgage broker.
If you’re looking for a mortgage broker to help you with your next property purchase, contact us today to find out how we can help you achieve your financial goals.
Our services and support will ensure you receive the best possible outcome, giving you access to the loan you need to secure your dream home.