With the internet at our fingertips, it may seem that you have all the information you could need on home loans. Without insider knowledge and weeks of spare time, however, applying for home loans yourself is tedious and doesn’t guarantee you the best fit. Here are some reasons to utilise a mortgage broker’s services:
Your mortgage broker works for YOU
When lending, a bank or credit union’s interest lies in making money. A mortgage broker, however, puts your interests first to get you the best fit. Lenders prefer to go through Mortgage brokers, as they put forward applicants who fit their requirements; saving the lender time and money.
More loans than you can poke a stick at
The choices for loans you would have alone is only a small fraction of what a mortgage broker has access to. Going through a mortgage broker for your loan means there are hundreds of options, giving you more options for the perfect fitting loan.
It’s only logical
Mortgage broker’s services are free to borrowers for the majority of home loans. The lender pays a fee when contacting the mortgage broker to connect with borrowers, so it makes sense to go through a mortgage broker.
A service to suit you
Mortgage brokers come to you at a time that suits your schedule, even outside regular service hours. They do a lot of the legwork; searching out the right loan and writing applications, giving you a higher chance of approval as they know what’s required for a successful loan application.
Making sure you’re on the right track
Mortgage brokers will use their market knowledge to ensure you’re getting the loan that fits you best. Mortgage brokers ensure your loan will not burden you financially long-term, and work to navigate confusing aspects like exit fees, lender’s fees and fixed rates to help you pay less.
Continued service beyond securing your loan
Mortgage brokers can help manage your enquiries and paperwork around switching lenders, refinancing, buying or selling or just reassessing the market mid-loan to make sure your loan is still the best for your circumstances.