6 Benefits Of Using The Services Of A Mortgage Broker
A mortgage broker acts as an intermediary between you (the person who is borrowing) and the bank (the lender). They can help you get the best financing or finance for your requirements. They'll do the legwork for you by researching products on the market from the hundreds available and hand-hold you through the application process to settlement.
1. Mortgage Experts can be more flexible with their schedules and are sometimes willing to do the work after hours or on weekends, meeting at a time and place that is convenient for you.
Flexibility can prove to be a huge benefit, regardless of whether you are a full-time employee or have family obligations.
2. Expert Advice and Expertise
Your broker must be able to thoroughly explain the various nuances of different lenders and finance options that could have a significant impact on your bottom line so that you don't lose thousands of dollars in savings on interest.
Outlining the pros and cons of different choices can be extremely helpful in ensuring you have the perfect finance solution to fit your property investment strategy, long-term goals or owner occupier needs.
3. All the legwork has been completed
We understand that most borrowers are time poor in locating the perfect home finance themselves. There are over 30 lenders on the market and borrowers need to compare over 1,000 finance options for home. With constant policy changes and subtle distinctions across the spectrum of lending skilled mortgage brokers will eliminate the guesswork from the equation and help you find the right home finance that is compatible with your objectives and goals.
This includes making your finance application, requesting additional documents, a pricing request to improve your rates as well as sourcing pre-approvals and helping to apply for government grants or incentives.
4. Quick and simple finance comparisons
Mortgage brokers are able to connect to many lenders. This includes the largest four Australian banks as also international and foreign banks that operate locally. They also have access to small regional banks, lenders as well as credit unions.
In using cutting edge software, mortgage brokers will be able to present you with various finances across 30+ lenders within minutes saving you time and hassle of calling specific lenders.
5. Pre-qualification
Each time you try to apply for a home finance directly to the lender, and fail for various reasons, this leaves a mark on your credit report. This is where mortgage brokers can be of assistance by looking over the lender's policy to see whether your financial and personal situation is in line with the requirements before formally applying to the lender.
The procedure typically involves using the lender's servicing calculator, and speaking with the credit department to verify whether the finance offered by the lender is appropriate for you. The home mortgage broker will start the process of getting approval. This will increase the chances of getting accepted and provide you with finances that fit your needs. This will provide you with a better understanding of your borrowing capacity as well as the lenders that are most likely to lend you money.
6. We offer mortgage advice that is cost-effective.
However, not all brokers are paid by the lender. This is particularly true in residential lending, where the borrower is able to get independent mortgage advice without upfront cost.