(Muniza Wasi, Islamabad)
Mortgage is the loan that is taken for purchasing house and the debt is to be paid in a time limit which can be certain years. The rate of interest is decided at the time of agreement. As the Business activities are expanding day by day the need of finance providing has increased to a greater extent. There are certain private organizations and banks which provide financial support according to their terms and conditions and different rates of interest. Among these institutions the Mortgage brokers are highlighted by the fact that they provide loans and financial help to customer by acting as an agent between the lender and the borrower. They can be large organizations or an individual acting as the mortgage brokers, they can arrange different lenders for various clients as needed, at a commission fee which they charge for the transactions. They can provide their services really cheap in order to compete with their rivals and gain more clients in the market. Generally they undertake the task of offering the customers different schemes and plans concerning loans which attract them. The information provided by the broker are to be verified and correct, if proved to be the false the broker is held liable; which proves to be a great advantage for the customer as well as for the lender as it appeals the customers and deepens trust for the service provider. Along with giving the customer right information the broker has to check the quality and market rate as well as the originality and ownership of the property to be mortgaged. A mortgage broker can help the customer in finding the right type of the lender as different clients have their own priorities and limits; they have to settle the loans considering their budget limits. If a client is very low on cash the broker finds easy loans for such customers. The rate of commission varies with different mortgage brokers. Having investigated the assets and credit position of the client, the broker must file all the details to the lender and whatever securities the lender acquires must be in accordance to his desire. All terms and conditions should be clearly mentioned and proper documentation should be observed in order to avoid future complications and any possibility of fraud. A legal document should be provided to complete the agreement between the borrower and the lender. The broker concerned with the mortgaging business should be registered with the government authorities as it creates a good impression of the broker and in certain states it is also a compulsory to start the mortgaging career. The brokers can be reached quite easily by their clients due to their advertising in newspapers and magazines. Many websites have also been created by such brokers and companies to reach their clients and offer services, so by searching the web anyone can contact these brokers without wasting time and energy.