FREQUENTLY ASKED QUESTIONS

What exactly is a mortgage broker, and how can they help me?

A mortgage broker is a licensed professional who acts as an intermediary between you (the borrower) and mortgage lenders. We help you navigate the complexities of the mortgage market, analyse your financial situation, and recommend loan options that suit your needs. Additionally, we guide you through the application process, ensuring you understand all the terms and conditions associated with your mortgage.

Why should I choose a mortgage broker instead of going directly to a bank?

Great Question! Mortgage brokers offer several advantages over traditional banking institutions. They have access to a wide range of lenders and loan products, giving you more options to find the best rates and terms. Whereas when you go to one bank they can only offer you their products and can’t recommend anything but! We also provide personalised service and guidance throughout the entire mortgage process, saving you time and hassle. Mortgage Brokers are also bound by new federal legislation to practice BID (which is to have your “Best Interests Duty” in mind at all times during the application stage). Importantly banks DO NOT have to abide by this legislation. They only need to ensure that the loan product they offer you is ‘not unsuitable’.

How do mortgage brokers get paid?

Mortgage brokers typically earn a commission from the lender once your mortgage is approved and settles. This commission is based on the loan amount and is paid by the lender, not by you. Rest assured, we are committed to finding you the best mortgage solution tailored to your needs, regardless of the commission structure offered by the banks (they’re all pretty much the same anyway!)

Do I need to pay any upfront fees to work with Horizon Mortgages?

In most cases, the answer is NO as the lender you choose will remunerate us. However, there are rare occasions when we may have to apply a small fee for out-of-the-ordinary loan requests. If this were the case you would be advised at the very start of the discussions so you know in advance and there are no surprises.

What documents do I need to provide to a mortgage broker?

You'll need to provide various documents to verify your income, contribution deposit, debts/ liabilities, and employment status. These documents include payslips, income statements, tax returns, bank statements, and proof of identification. We’ll guide you through the specific documentation requirements based on your unique financial situation.

Can I use a mortgage broker if I have a less-than-perfect credit score?

Yes, of course! We often deal with clients who for many different reasons have lower credit scores than what the bank would prefer you to have. As part of our process, we’ll get your permission to conduct a comprehensive credit check at the beginning of the application process so we have a complete understanding of your credit history. If required we have access to lenders who offer specialised loan products tailored to individuals with unique credit profiles. Our goal is to find the right mortgage solution that meets your needs and financial goals, regardless of your credit history.

How long does the mortgage approval process take?

The mortgage approval process can vary depending on factors such as the complexity of your financial situation, the lender's requirements, and current market conditions. Typically, the process takes anywhere from a few days to several weeks. We’ll always keep you informed and guide you through each step of the process to ensure a smooth and timely approval.

What factors should I consider when choosing a mortgage broker?

When choosing a mortgage broker, consider factors such as their experience, reputation, online reviews (like Google) access to lenders and loan products, level of personalised service, and transparency regarding fees and commissions.

What sets your mortgage brokering service apart from others?

Right from the outset, we're committed to guiding you through the entire loan process, offering detailed explanations of each step, and ensuring you're informed about all communications with the bank. Even after the loan is settled, we remain dedicated to our clients, providing ongoing support and assistance. This commitment is reflected in the fact that 80% of our business comes from repeat clients and referrals from satisfied customers to their family and friends. When you choose us, you can anticipate exceptional service, unwavering guidance, and consistent support at every stage. Don't just take our word for it; check out our outstanding Google Ratings