The role of Mortgage Originators in Home Loan finance
Whether youâ€™re looking to finance a new home, need a second bond or you want to consolidate your high interest debit into your current home loan Mortgage Originators will dramatically speed up the home loan process and reduces the amount of effort needed to get you mortgage finance.
Mortgage Originators have been around for over five years and theyâ€™re definitely here to say. Currently, about 60 percent of all bond applications pass through mortgage originators.
South African Mortgage Originators
|IBO – Independent Bond Originators||Visit Website|
|Goulburn Mortgage Originators||Visit Website|
What is their role?
Mortgage Originators such as, IBO HOME LOANS, will submit your bond application to banks and obtain all the information and documents each bank requires to approve the home loan.
Their role is to help you secure the home loan product which best suits your needs. They will usually approach a number of different banks at the same time to improve you chances of success and to secure the best interest rate.
Generally, MOs (Mortgage Originators), will submit your application to the four largest SA home loan providers:
1. FNB Home Loans
2. ABSA Home Loans
3. Standard Bank Home Loans
4. Nedbank Home Loans
Occasionally, this list will also include Standard Chartered Bank.
Getting the best deal
Most banks offer the same basic deals, but this is where your MO can play a huge role. If the originator is aware of each banks lending policies they will be able to give you important advice on which products would best suit your individual needs.
The size of the loan and the interest rate concession are the two most important issues but they are most definitely not the only aspects one should consider.
Most Banks offer extra benefits and products with their home loans; such as cheap life insurance or a credit card account.
Costs: Itâ€™s all for FREE
The service a Mortgage Originator offers is completely free. They are paid by the Bank for each successful application.
Need some FREE SA Home Loans Assistance?
Visit IBO HOME LOANS now. Fill in your contact details and a consultant will contact you immediately.