Getting a Home Loan should be easy….. at least from the Client’s perspective.
All the hard work, running around and detail is the role of the Mortgage Broker, so how come so many home loan clients tell tales of how hard it was, and how much work they had to do to get a Home Loan?
If you asked the Client, they would say that they had to do lots of running around, things took longer than they thought, and the whole process was disjointed and confusing. Whereas if you asked the Mortgage Broker, they would say that it was a difficult loan to write and the client and or the bank took longer than expected.
So Who is Right?
No one can see into the future however a skilled Alpha Home Loans Mortgage Broker is well prepared for all home loan scenarios and also well versed in preparing their clients for all future and potential events in the mortgage broking process.
The Alpha Home Loans Mortgage Broker will map out the process at the beginning of the process.
This is important because expectations are crucial for everyone especially when there are deadlines to get the loan, such as a settlement date on the purchase of a property. If the settlement date is unrealistic and there is not a logical reason for the settlement date the Alpha Home Loans Mortgage Broker will liaise with the Real Estate Agent to explain this right away, rather than ignoring this crucial issue and allowing the clients to miss settlement.
For example Mr. Client signs a Contract to buy a property with a property with a settlement date of 2 weeks but the average time between the Mortgage Broker completing their due diligence, collecting the documents from the client, selecting a Lender, the bank assessing the loan, the loan being approved, legal documents being sent out, legal documents being signed, legal documents being returned and executed is over 30 days, This needs to be discussed with the Real Estate Agent immediately by the Mortgage Broker, to keep everyone happy and with enough evidence rather than hearsay.
The Mortgage Broker should explain every document that the bank needs as well as those they may request and provide a deadline for provision by the client. I often hear external Mortgage Brokers say that things are taking longer than expected because I am waiting for documents from the client, to which I respond “Did you provide clear instructions on what documents you require, when you need them by, and what impact any delay will cause to the overall loan process if that time isn’t reached?”.
In these cases one if not all of these points have not been clearly explained. I completely understand that clients think that they can provide a missing pay-slip later, whereas it is the role of the Alpha Home Loans Mortgage Broker to explain, that they need that pay slip by a certain time and date otherwise the bank will not look at the loan at all, in other words, the bank wants everything before they will do anything and the Mortgage Broker cannot make an accurate assessment without collecting all the pieces of the puzzle. It is important after this that the client has been provided options to provide the documents
- Can the client email them?
- Can the client drop them off?
- Can the Mortgage Broker pick them up?
The Alpha Home Loans Mortgage Broker will provide options and do what is easiest for you
In explaining and building expectations the Alpha Home Loans Mortgage Broker will ask questions to identify all the details, problems and anything that they would need to solve to get the client their home loan faster. Alpha Home Loans Mortgage Brokers are the experts, so they will try and bring any potential concerns to light early to deal with them swiftly and address and contingencies that may need to be implemented.
The Alpha Home Loans Mortgage Broker will also invite the client to ask questions and ask what is on their mind and if they understand what they have been told before moving onto the next point.
Removing Confusion from third Parties
Many of the communication issues between Mortgage Brokers and Clients are associated with the Client being told contradictory information from other people and it is usually from individuals who are not authorities on the topics.
A good example is when a client says that their neighbor said xyz and why can’t they do that. The reason is because Home Loans are individual and though the basic process is similar, every loan and every client is assessed on their own merits and what the situation for one person is, will more than likely be different for the next client. This is why the Alpha Home Loans Mortgage Broker will lead you through, and be a sounding board for education and advise especially when the client has been misinformed.
Let an Alpha Home Loans Client Make things easy for you.
Call us today on 08 7099 4976