With hundreds of mortgage products on the market, it is not always easy to know where to go to obtain the exact bond finance you need at the time and in the circumstances. That’s where the mortgage originator comes into the picture. “However, many people are unsure of exactly what services a mortgage originator should offer and what benefits they provide.

The key function of a mortgage originator is to introduce a borrower to a lender and to act as a personal consultant in an attempt to help you obtain mortgage finance for a property. “The mortgage originator will apply to and negotiate with a financial institution in respect of the home loan on your behalf”.

A mortgage originator should have a specialized knowledge of the various products and rates available on the market in order to give independent advice with the aim of obtaining the most suitable bond from the most appropriate mortgage lending financial institution for your particular needs. They should help you assess your affordability and explain fully and in plain language the material terms which you need to be aware of to make an informed decision.

“While you are not obliged to use their services, it can make the process much quicker because of their familiarity with the process, products, assessment yardsticks and requirements of the individual financial institutions. With a mortgage originator you only have to fill out one application and they request only one set of the relevant prescribed supporting documentation, such as identity documents and salary advice slips, required by the financial institutions. They then submit the application to the various financial institutions on your behalf and try and negotiate a lower rate for you. “It is generally understood that a bond originator is able to secure a cheaper rate than if you approached the bank directly as they are on a better negotiating platform. A good mortgage originator should also follow up with the financial institutions on a regular basis and keep you informed.

Once the mortgage originator receives the various quotations they should sit down and help you to assess your options, advising you of the pros and cons of each with your particular needs in view. “Essentially the final decision should be yours after weighing up all your options and taking into consideration the advice and recommendations of the M.O. Do not feel obligated to make any specific choice.”

Apart from providing you with information on the various mortgage products they should also be able to assist you with conveyancing and related costs.

The mortgage originator is usually paid a fee or commission by the lending institution with whom the loan is taken up, so the service should be free. It should not be necessary to sign a sole mandate and if they request you to sign any agreement between them and yourself make sure you are fully aware of the legal and possible financial consequences.

“Remember they do not have control over and cannot therefore accept responsibility for credit decisions or valuations made by the mortgage lending financial institutions, it is a good idea to approach a mortgage originator before you go house hunting so that you know what loan amount you will be eligible for.

Should you have any problems complaints may be addressed to the Office of the Ombudsman for Mortgage Originators which has been set up to deal with complaints against mortgage originators who are members of the National Association of Mortgage Originators.

Mortgage Plus offers a wide range of advice on different bond options and further advice on the above. Please call us for further information on:

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Call us on 011.327.4489

Email: morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

When looking for a home loan in South Africa that will best suit your needs as an individual but have no idea where to start or how to go about this intricate task, then look no further.

MORTGAGE PLUS is here to help. As a specialist in home loans, MORTGAGE PLUS is more than able to give you the assistance you have been looking for regarding taking out a home loan that will not be heavy on your pocket but which will be something you can manage in the long run.

MORTGAGE PLUS offers the following services:

	First Time Buyer Home Loans		Bond Switches
	New Home Loans		Debt Consolidation Loans
	Second Bonds		Development Finance
	Further Home Loan / Re-advance		Commercial Loans
	Building Loans

Why not get in touch with us and allow yourself the opportunity to save big on a home loan and that will be most suited to your individual needs and pocket.

With MORTGAGE PLUS you will not be disappointed.

By choosing us for a loan, you will get professional advice to make sure you are getting the best deal possible.

CONTACT US

Speak to a home loan consultant about financing your new property or reviewing your existing mortgage. We are able to assist in lowering your bond repayments and securing attorney discounts.

Complete this short form online
Call us on 011.327.4489
Email: morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za