Mortgage brokrer.
A mortgage broker is an intermediary who matches home borrowers with potential lenders in order to obtain the best possible mortgage terms for the borrower.
The mortgage broker determines an appropriate loan amount with the best terms and the borrower’s ideal loan type, then submits the loan to a lender for approval. The broker communicates with the borrower and the lender during the entire transaction through closing.
Once agreed upon, mortgage funds are loaned in the name of the mortgage lender, and the mortgage broker collects a commission called an origination fee from the lender as compensation for its services.
Mortgage brokers may work independently or as an employee of a larger mortgage brokerage firm.
A mortgage broker in Tanzania can save a borrower time and effort during the application process, and potentially a lot of money over the life of the loan.
Tanzania has 33 mortgage companies including banks and private mortgage companies each competing in getting mortgage clients. clients has to understand an increase of 1% rate in mortgage can affect mortgage in wide range. its better to use mortgage brokers because they help in different areas:
Activities done by mortgage brokers in Tanzania
- Marketing of their services to clients
- Assessing and educating themselves on the financial position and circumstances of a potential borrower
- Researching the market to determine or source a mortgage product suitable for the client (borrower)
- Assisting the client with obtaining pre-approval for a mortgage loan
- Collecting all relevant documentation (bank statements, pay slips, etc.)
- Completion of mortgage application loan
- Ensuring that legal disclosures are understood by the client/borrower
- Submitting all document requirements to the lender
- Ensuring they source a money-saving option for client
Why use a mortgage broker?
A mortgage broker is an expert in their industry who has access to lots of deals you might not find by looking on your own. They will possess knowledge that can help guide you through the mortgage application process. Their knowledge and expertise can save you time and ease your stress, and they often have access to better deals that can save you money in the long run.