To make things clearer we have said again and again that lender can be anybody. They could be your big commercials banks and even banks that specialize in processing mortgage applications. However, one must understand that these middlemen do not work for any bank. They are representatives of certain loan department of a bank and are here to help you, not at all; this is certainly not the case. What is happening here is slightly different.Now, a middleman in the borrowing and lending affair is called a mortgage broker Perth. You can find them and their businesses by this name online or anywhere else. Their services are also offered under this umbrella term. So, unlike the loan officers, these are people who don’t act on behalf of a bank, that are licensed to operate individually. Although, that means only one person or a firm has the license to involve in this business. They charge a fee for their services and this is also a flexible thing. The fee which is usually between 1% to 2% is paid by the lender or borrower or simply shared.
Now, again there is something that needs to be specified. What is a lender and what does it do?
As talked about earlier, it can be anything from small banks to individuals. Because, they can be anybody, it also makes senses by these brokers are not the same as loan department officers. A loan department officer will only grant your loan from their bank, private or public, but in the other case, your application can be processed by anybody, including a bank as well.
Who is a lender?
A lender can be any financial institution that is in a position to lend “you” money after processing your application. The home loan broker acts as a messenger to carry your application to that lender/financial institution. That is all he/they do and are not responsible for anything else.When a service provider which is the broker, in this case, helps you, it means that you are worry free. They will carry your application everywhere, file the formal documents, do all the paperwork and bring the options you have. You must select the best loan terms and conditions that favor you that offer the lowest interest rates and charges.As a customer, this is your right. It is similar to shopping for a merchandise in the online store. You have every right to accept or reject any offer. This is a no-obligation work and your responsibilities include finding a good broker who can ensure a proper settlement.