Mortgage Brokers Help Save Finding a Loan with New Credit Laws
The new National Consumer Credit Protection Act (NCCP) makes it harder for borrowers to compare loans.
Recent law changes to the mortgage industry require mortgage brokers and lenders to qualify a client before recommending a mortgage product. This requires more documentation and checks than ever before seen in the industry. It can be exhausting and time consuming for the consumer to submitsupporting documentation to each lender before they can recommend a home or investment loan.
This means that the consumer will settle on one lender or comparing a few lenders due to the frustration of submitting documentation to a lender before they can recommend a product. This could cost the consumer by missing out on a loan product that could save them thousands of dollars over the life of the loan.
A mortgage broker can help save time by allowing the borrower to submit one set of supporting documentation and recommend various products from multiple lenders that are suitable.
Most mortgage brokers have at least 10 lenders they can choose from and they should have access to all the major banks. Ask your broker what lenders they have access to and make sure they are accredited with the major banks.
If you are looking for a mortgage broker in your local area please contact Smart Search Finance by submitting a mortgage quote.
