10 Best Mortgage Brokers In Newcastle for 2022

Mortgage brokers in Newcastle help home buyers to arrange a home loan with banks or other lenders in the Newcastle region.

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They also provide options to home buyers and facilitate the mortgage process to enable convenient movement.

Proceed to learn more about Newcastle’s 10 best mortgage brokers for 2022.

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Key Takeaways

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  • A mortgage broker is a middleman that connects borrowers to lenders due to their better access.
  • A mortgage broker provides home buyers with various options to make their choice as they provide them with some financial advice.
  • Some brokers are not reliable. They may refer you to a lender based on their interest.
  • You can find a mortgage broker both online and in your locality.
  • The mortgage brokers in Newcastle help homebuyers secure a mortgage in the region.
mortgage brokers in Newcastle
Credit:wisebuygroup.com

Who Is A Mortgage Broker?

A mortgage broker is an intermediary who directs borrowers to lenders but does not emanate mortgages with their own money.

The brokers help those seeking real estate connect to companies offering loans based on the borrower’s financial status and interest-rate needs.

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They also transmit paperwork from the borrower to the lender for underwriting and approval purposes.

The Benefits of Using a Mortgage Broker

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Getting a home loan through a mortgage broker is helpful, as described below.

  • Variety of Options: Using a mortgage broker gives you a more comprehensive array of options for choosing the preferred product. Because most brokers are linked to a professional network within the sector, they may provide a home buyer with a product not even available to the general public.
  • Financial Advice: Mortgage brokers are certified with financial statements to identify a legitimate professional lender and lead the borrower to them. They are also on your side to assist with some financial advice.
  • Helps with Paperwork: Getting a mortgage needs much paperwork to complete. But with a broker on your side, he will assist you with the most essential document to fill in to avoid unnecessary problems.
  • Saves Money: A good mortgage broker assists you in making a suggestion that is right for you based on your financial status. They equally help a home buyer to avoid part of the mortgage fee, thus, letting you save some money.
  • Insurance Help: Mortgage brokers assist home buyers in securing insurance protection by advising them on the best insurance product to benefit them.

The Risks Involved in Using a Mortgage Broker

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There are also some downsides borrowers receive when they go through brokers. They include:

  • Broker Fee: Working directly with a lender costs fewer fees, unlike going through a broker; you will pay more for the broker’s fee.
  • Commission: Some brokers may choose a lender based on their commission instead of the borrower’s financial interest, thus, limiting your chances of getting the lender suitable for you.
  • No Access to All Lenders: Not all mortgage brokers have access to all lenders. Some lenders offer direct loans with no intermediaries. Therefore, securing a broker may limit your chances of partnering with such lenders.
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How Mortgage Brokers Work

A mortgage broker serves as an agent between the borrowers and lenders, offering home loans to the borrowers buying a new home or refinancing.

Also, they provide a borrower with financial information, including credit scores, to evaluate the borrower’s financial ability before directing them to potential lenders.

A broker determines the appropriate loan amount, Loan-To-Value (LTV) ratio, and borrower’s ideal loan type and then submit the loan to a lender for approval.

A mortgage broker works in between during the transaction and gets paid (an originating fee) as compensation when the transaction process finally ends.

Ultimately, the borrower gets to pay all or a portion of the closing statement (a document that records the details of a financial transaction).

How To Find A Mortgage Broker Near You

To buy a home, you need a mortgage broker to assist you. And how do you find the broker near you? There are only two ways in which you can do so. They include:

  • Online Search: This involves visiting the broker’s site (FindMortgageBrokers.com) to apply for a broker near you (at your reach), especially if you are new to the area. Though the process is simple, it is inaccurate as you may find lazy and incompetent brokers.
  • Local Search: This involves asking around the neighborhood. The process is accurate and can lead you to a good broker who has assisted other borrowers. Yes, it may be tiring and time-consuming as you ask around, but eventually, you get to partner with a qualified mortgage broker.

List of 10 Best Mortgage Brokers in Newcastle

Newcastle provides mortgage brokers to enable the residents to get the best rate when securing a mortgage loan. Here are the 10 best Newcastle mortgage brokers.

1. Grace Loans

Grace Loans are experienced mortgage broker that offers the best low-interest rate Home Loans, Car Loans, Investment Loans, SMSF Loans, and Business Loans.

It was initially known as Grace Financial when it started on December 2013 when James Massey was helping people with financial guidance and loans. But today, it is called Grace Loans, according to Beth, Massey’s daughter, who champions it on loans.

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Grace Loans are a trustworthy, ethical, and flexible mortgage broker with fixed security.

2. DT Funding

DT funding is Newcastle’s leading mortgage broker that provides innovative and experienced financial solutions to empower borrowers with choice and financial tailoring.

It provides the best quality product in the sense of lenders.

3. Wisebuy Home Loans

It is a locally owned and operated mortgage broker in Newcastle. They assist home buyers in identifying the perfect loans from over 60 lenders.

And they offer a low-interest rate on mortgages with products that meet your requirement.

4. Astute Newcastle City

It is a full-service insurance, finance, and wealth business. It provides a fully integrated financial service for its customers.

The brokers are reliable and financially knowledgeable. It works with over 25 lenders to provide their borrowers with the best lender.

5. Loan Market Newcastle

Loan Market Newcastle is a mortgage broker that helps first home buyers and seasoned investors. The broker has more experience in all aspects of finance, thus, providing their borrowers with funds for their suitable lifestyle.

6. Personal Mortgage Brokers

The broker is owned and operated by Margaret Godfrey. The latter has a strong desire record of helping others secure their own home or investment properties and enhancing their financial state by providing them with a better loan deal.

7. Simple Remortgage

Simple Remortgage provides fee-free independent mortgage and financial advice to home buyers and those who want to remortgage across Newcastle. It is 100 percent fee-free.

8. First Mortgage NE

First Mortgage NE is a broker located in Newcastle that provides free impartial mortgage advice for their clients with various mortgage products to suit the borrower’s choice for over 7 years.

9. The Mortgage Genie

Mortgage Genie is the best Newcastle online mortgage broker established by Malt Stevens, which secures the best deal for a borrower faster than another broker.

They are available and offer a same-day mortgage and any mortgage you search for, as they work with over 90 lenders.

10. Innovate Mortgages and Loans

Innovate mortgage supports hundreds of loan originations and mortgage brokers.

It was founded in 2004 and provided an end-to-end origination platform to authorize loan originators throughout the region.

It has over 20 years of experience in the business of finance and loans and provides its clients with outstanding products.

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Conclusion

A mortgage broker is an intermediary that connects the home buyer with the appropriate lender based on the borrower’s financial situation.

The broker provides the home buyer with different options to choose from. Also, the broker gets paid from the origination fee paid by the borrower.

FAQs

Here are some of the most asked questions about mortgage brokers.

Is It Cheaper To Use A Mortgage Broker?

Yes, it is.

When you procure a mortgage, an origination fee, appraisal fee, application fee, etc., will probably be accrued, but a mortgage broker may get the lender to relinquish all or part of those fees.

Is It Better To Go Through A Mortgage Broker Than a Bank?

It depends on the home buyer’s decision.

A mortgage broker gives a more comprehensive collection of options that enable the home buyer to make a choice and facilitate the mortgage process, but a bank offers more control and costs less.

Therefore, if he wants a high value on comfort, a mortgage broker is helpful, but going through a bank is the best choice if he wants total control of the home buying process.

How Much Do Most Mortgage Brokers Charge?

Mortgage broker fees vary depending on the lender but generally range from 0.56% to 2.75% of the loan principal.

Is Seeing a Mortgage Broker Free?

Seeing a mortgage broker does not accrue a fee because the lender pays them from the fee the borrower pays.

How Can I Get A Loan Mortgage Rate?

You can get a loan mortgage rate by:

  • Getting your finance in order.
  • Getting quotes from 3-5 lenders.
  • Saving for your down payment.
  • Raising your credit score.
  • Assessing first-time home buyer programs.
  • Closing off the rate.
  • Reflecting the pros and cons of buying points

How Do I Get A 5% Deposit For A Mortgage?

To get a 5% deposit for a mortgage, you must have a deposit of between 5% and 9% of the purchase fee.

You can learn more from the video below:

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