What is a Mortgage Manager?
The procurement of a mortgage is a service both like and unlike any other.
On one hand, you are an ordinary customer obtaining a necessary, sought-after product from a vendor who can get it for you. On the other hand, this particular product is not like an ordinary purchase. A mortgage, after all, will typically be with you for many years, even decades, and is inextricably linked to your financial well-being and future.
Given the unique nature of home loans, at Future Financial we believe that the ordinary mortgage service is not good enough. That’s why any customer who seeks out a loan from Future Financial is paired with a mortgage manager who will do their utmost to guide a buyer successfully through the loan process, from start to finish.
What is a Mortgage Manager?
When you seek out a home loan from your typical mortgage broker, the transaction is likely to go more or less this way: Listening to your needs and assessing your financial position, the broker will evaluate the various home loans offered by the lenders they happen to be associated with. When they have identified the most suitable one, they will package your application and seek approval from the lender. Once approved, you’re left to gradually repay your loan over time, and you’re not likely to see the broker you originally dealt with again.
A mortgage manager works a little differently.
As defined by the Mortgage and Finance Association of Australia, a mortgage manager is a mortgage specialist who organises funding for ordinary home buyers and property investors. However, they are also “responsible for arranging the funds for your loan and the ongoing, prudent management through each phase of your loan’s life.”
A mortgage manager, then, is not simply someone from whom you can source home loans. Instead, a mortgage manager is an expert who guides you, the borrower, through every step of the loan process until it’s repaid in full. Along the way, whether the interest rate on your loan changes or you need a mortgage refinance, a mortgage manager will be there to provide you with helpful, personalised assistance so you can move to the next step.
Mortgage managers provide a wide variety of home loan products for all kinds of different properties. Whether a residential, commercial, retail or industrial loan, a qualified mortgage manager has the experience and industry knowledge to work with you on paying off the property.
One of the advantages of mortgage managers is that they tend to be smaller. You’re unlikely to face the impersonal, production line treatment from a mortgage manager that you might receive from a big lender. Rather than being looked at as another cog in the machine, a mortgage manager treats you as an individual with unique needs and requirements, offering a specialised, intimate service to suit you and no one else. A mortgage manager also has access to a different range of products, so finding the debt solution you need could be easier.
What are the costs involved?
Instead of lending out their own money, a mortgage manager sources money from elsewhere, whether a bank, a superannuation fund or even a unit fund. The way they get paid is therefore different from a large lender.
Like mortgage brokers, mortgage managers have application fees on the home loans they source, which aim to offset the cost of setting up the loan. The other major payment mortgage managers receive is a management fee, paid by the home loan provider for the service on ongoing management of their portfolio. Mortgage managers are therefore financially independent of the borrower.
Because they’re not financially linked to the property buyer through borrowed funds, nor rely on them for regular payment, mortgage managers serve a higher fidelity to the needs of the borrower – not to the money they’ve borrowed. A mortgage manager is more interested in providing a borrower with high-quality customer service and assisting them in getting their loan paid off the right way than in squeezing them for every dollar they’re worth.
What are the benefits of mortgage managers?
As evident, one of the chief advantages of using a mortgage manager is the specially tailored, unique customer service they provide. As the borrower, your mortgage manager is your first and most effective point of contact for any enquiries you might have about your home loan.
If you’re confused, have a query or are thinking about making a change to your loan – perhaps by seeking out a mortgage refinance – you can sit down with your mortgage manager and have a discussion. They’ll offer their expertise and experience in order to make sure you make an informed decision that will be beneficial for your situation. And because mortgage managers work with your interests in mind, you can be sure that the counsel you receive is solid and backed up with good intentions.
The service of a mortgage manager can also help reduce your stress levels. Dealing with home loans can be daunting at the best of times, what with juggling repayments, keeping up with any changes and perhaps occasionally needing to make alterations to your loan. That’s why it’s nice to know you have someone in your corner who can provide you with specific, helpful solutions to your particular problem – saving you from the risk of making rash decisions based more on frustration or stress than reason.
The fact that mortgage managers take a more personalised approach to home loans has another benefit for the borrower. Buyers may well find that a mortgage manager is more flexible, compared to the rigid lending criteria of big lenders. To a mortgage manager, a borrower is not simply a series of digits on a ledger – they’re living, breathing people.
As such, you might well find mortgage managers can accommodate a larger spectrum of buyers, tending to look at a customer’s particular circumstances when organising a loan. Whether you’re a business owner who’s unable to provide the standard proof of a regular stream of income, or a borrower who has some past blemishes on their credit rating, a mortgage manager has the flexibility to consider the totality of your situation – not simply write you off from the get-go.
The Future Financial team are the only mortgage managers you need
If all of this sounds like the type of customer-focused, individualised service you’re looking for as a borrower, then contact Future Financial today. Our philosophy is to put the needs of the customer first and to think about the money second.
We’ll listen to your situation and match you with the home loan suitable to your circumstances. Not only that, but we can provide you with a wide array of home loan products, from ordinary home loans, to those for the self-employed, for non-residents and even debt consolidation home loans. Whatever your financial situation, Future Financial will have the debt solution.
Our team is knowledgeable and experienced, with years, even decades in the mortgage industry. It’s this depth of expertise that they will bring to your particular situation, advising you on the right way forward, and managing every step of your loan as it progresses. With the help of the Future Financial team, you can rest assured knowing your mortgage is in safe hands.
If you’re ready to experience the guiding hand of one of our qualified mortgage managers, call Future Financial and see what they can do for you.