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Mortgage Brokers in Malaysia: Should You Hire One?

If you’re looking to get a housing loan, you may have considered enlisting the services of a mortgage broker in Malaysia. But, do you actually need a mortgage broker?

Mortgages are a lot more complex than you think. It takes significant time, effort and research to compare loan rates and understand the terms and features.

Thus, consulting with a mortgage broker is best as they can save you a lot of legwork looking around for different housing loans and handles all the messy parts of your application.

Moreover, there are many benefits you can enjoy by working with a mortgage broker, from saving money to finding the right mortgage deal that suits your circumstances.

Here’s a guide to what you need to know about mortgage brokers in Malaysia, including their responsibilities and how you can find the right broker to work with.

What Is A Mortgage Broker in Malaysia?

Real estate broker agent presenting and consult to customer to decision making sign insurance form agreement, home model, concerning mortgage loan offer for and house insurance.

A mortgage broker is an intermediary that can arrange a mortgage between you (the borrower) and a mortgage lender.

They’ll work with you to help you decide what kind of mortgage you need and then find a deal that matches your financial situation and interest-rate needs – whether you’re looking to refinance your current home or buy a property.

What Are A Mortgage Broker’s Responsibilities?

A mortgage broker in Malaysia can navigate you through every stage of the mortgage application process. Their main goal is to help you get the best deal available based on your individual circumstances.

They can also save you time by telling you which lenders are likely to accept your application and speed up the process by handling your paperwork.

Their responsibilities include:

  • Checking your credit score and searching the market to find the best loan that matches your needs
  • Collecting the necessary documents such as your income documents, asset, employment record, and credit reports
  • Serving as a matchmaker between lenders and borrowers to get the loan closed

Read More: Backup Emergency Fund Malaysia: No More Savings But Need Urgent Cash? Do This

Why You Should Consult A Mortgage Broker in Malaysia

1. Mortgage Brokers Are Unbiased

Mortgage brokers work for the interest of their clients and not for banks. They will compare many lenders to find you a mortgage with great rates, lower fees, or other benefits that suits your needs.

2. Mortgage Brokers Have A Vast Network Of Lenders

Due to their experience and contacts, a mortgage broker will usually have access to a wide range of lenders, such as banks, credit units, private lenders and more. This means they may have a better chance of finding a deal that fits your criteria.

3. Mortgage Brokers Have The Flexibility To Meet Your Needs

A mortgage broker has the expertise and resources to solve their clients’ problems.

For example, if a borrower has credit issues, the broker will know which lenders offer the best and most affordable financial products that meet their needs.

Borrowers who need larger loans will also benefit from a broker’s knowledge and ability to obtain financing successfully.

Read More: Debt Consolidation Malaysia: Unlock Your Home Equity to Consolidate Debts

How to Choose the Right Mortgage Broker in Malaysia

Hiring an experienced and competent mortgage broker in Malaysia can help you find the right mortgage that you’re most eligible for and best suits your affordability. They will even sort out your loan application for you, leaving you with fewer worries about your loan getting rejected!

Here are 4 questions you can ask yourself when choosing a mortgage broker to work with in Malaysia:

1. Do I Need Help Applying For A Specific Type Of Loan?

When choosing a mortgage broker, it’s essential to think about the type of loan you are looking for. This way, you can select a broker who has experience obtaining your preferred type of loan and will know how to help you.

2. Is The Mortgage Broker Trustworthy?

In Malaysia, a mortgage broker does not necessarily need to obtain a license to process a mortgage loan application. This is because the mortgage brokerage industry is still new to Malaysia and is, therefore, not regulated by any law.

However, housing loan submissions are still subject to a bank’s internal review process and fraud policies. If you experience any problems with your mortgage broker in Malaysia, you can lodge a police report to take civil action.

3. What Is It Like Working With The Mortgage Broker?

Applying for a mortgage is a challenging and time-consuming process. It is recommended to work with a broker you’re comfortable with, one you know will help you understand the terms of the loan.

Think about how you would want to communicate with your mortgage broker. Here are some factors you can consider:

  • Do you want them to contact you regularly?
  • Do you want them to be available after hours to answer your questions?
  • Do you prefer to be contacted through texts or calls?

4. How Available Is The Mortgage Broker?

If you urgently need to buy a home or refinance one, you would want a mortgage broker who can keep up with your needs.

Ask your mortgage broker how many clients they typically work with at one time and when they will be available to help you look for loans.

If they are very busy, they might not be able to provide you with the attention you need to help you buy immediately.

However, if you do not need to buy right away, you can take your time finding someone who matches your personality. Then, you can start the home-buying process with your mortgage broker in earnest when they are available.

Read More: A Step-by-Step Guide to Home Refinancing in Malaysia

How Bluebricks Can Help You

When choosing a housing loan, many homeowners look for a mortgage broker or mortgage specialist to help them find the best loan packages efficiently and effortlessly.

Bluebricks is an experienced and competent mortgage specialist who can help you find the right mortgage you’re most eligible for and best suits your affordability.

Our primary goal as a mortgage specialist is to connect people who want to borrow money to buy real estate with financial lenders. We want all parties to benefit from this transaction, with lenders getting new customers and borrowers getting their desired home loans.

Send a message to our experts, and we will help you solve your financial issues with our FREE consultations.

Refinancing Loan Rejected Services

If you recently had your loan application rejected, don’t worry! With our refinance housing loan rejected services, we can help you with your loan applications to save you time and money. Our experts will find out why your application was denied and suggest alternative solutions to get your loan approved.

Mortgage Broker Malaysia – FAQs

A reliable mortgage broker in Malaysia can help you reduce your burdens and create a plan for your financial future. Here are 3 more questions about mortgage brokers that will help you navigate your home-buying journey.

Why is a mortgage broker better than a banker?

Mortgage brokers work with many lenders, allowing you to compare interest rates, charges, and loan features from various banks and non-bank lenders. Therefore, you only need to visit one mortgage broker, who will then compare multiple loan programmes for you. They will also help you understand the interest rate, closing costs, and other details of each offer to find the best loan possible.

Is it worth paying for a mortgage broker in Malaysia?

Mortgage broker fees are worth paying more often than not. This is because mortgage brokers often do a lot more than recommend you a mortgage.
They also:
– Communicate with your estate agent
– Liaise with your conveyancer
– Ensure mortgage underwriters are satisfied
– Keep you informed at every stage of the application process

Can mortgage brokers help me get a bigger mortgage?

Mortgage brokers have expertise across many financial products on the market. This means they can assist you in the application process and provide tailored advice along the way, helping you secure the home loan and maybe increasing your borrowing capacity as well.

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Picture of Wilson Wai Kit

Wilson Wai Kit

Senior Consultant

With extensive banking experience, notably as a mortgage sales officer at UOB Bank, Wilson leverages his understanding of loan applications and approvals to offer financial insights and support to empower individuals to make informed decisions regarding their financial futures.

Feel free to contact him for assistance with your financial needs!

I want to know about bank loans
Picture of Wilson Wai Kit

Wilson Wai Kit

Senior Consultant

With extensive banking experience, notably as a mortgage sales officer at UOB Bank, Wilson leverages his understanding of loan applications and approvals to offer financial insights and support to empower individuals to make informed decisions regarding their financial futures.

Feel free to contact him for assistance with your financial needs!

I want to know about bank loans



About Bluebricks

BlueBricks Holding is one of the top ten leading loan agency companies in Malaysia in terms of loan approval rates. As a leading loan agency company, we have extensive knowledge and experience in mortgage, personal loans, and business loans, and this enables us to help our customers to get the deal that is best suitable to them.

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