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Home > Financial Services > Mortgage Brokers > Smart Mortgage
Smart Mortgage
A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middleman between you and the lending institution, which can be a bank, trust company, credit union, Mortgage Corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
Smart Mortgage programmes offer customers the means to reduce interest expense on their home loan and a speedy way to pay off their mortgage. The firm uses the balances in a customer's designated savings account to reduce the overall level of borrowing for the purpose of interest calculation, thereby reducing the amount of interest the customer actually pays. They do this by combining customers' savings accounts with their mortgage repayment accounts.
The firm allows mortgagers to payoff their mortgages more rapidly. The regular repayment behavior remains unchanged. With reduced interest payments, this means more of the regular repayment each month goes to paying down the principal. This arrangement enables them to payoff their home loan more quickly than a conventional mortgage arrangement.
The firm is an easy way to let you pay less interest and own your home sooner, to consolidate your savings and mortgage with an offset function account to reduce your interest payments etc.
They provide the features for many products. In that include Bi weekly repayment, loan life preferential interest rate etc. Bi weekly repaymentallows mortgagers to save even more on interest payment while keeping the same monthly payment amount. The firm reallocates the interest payable split, enabling additional principal repayment.
With the benefits of interest savings and shortened tenor, customers will be able to take advantage of different investment opportunities. The more you deposit into the Smart Mortgage delegated savings account, the more your interest-free mortgage principal will be.
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