Buying a property is possibly the most significant financial investment that any of us will make and very often, when we are in the market for mortgage loans, we head directly to our bank. That's the smart thing to do, right? Well, it may seem easy, but in fact, you'll probably be missing everything that an expert finance broker can bring to the table. A Mortgage broker is your personal loans consultant, with your best interests always in mind and for a significant purchase such as property, it is essential to understand clearly all your financial options before you get involved in the loans process.
Here are the main 5 reasons to consider using a broker:
1. More Choice
This is definitely the main advantage of engaging a mortgage broker as opposed to just one bank.
When you meet with your mortgage broker, it is like meeting with multiple banks, each with many loan products on offer. It would be an overwhelming task to try to identify these options by yourself, but a mortgage broker can present these to you in a digestible way, doing the hard work for you.
2. Expert Advice
It's great to have so many options, but it can be very confusing to identify the best financial choice for you and your situation. A mortgage broker will be experienced in narrowing down these choices and helping you make the right decision.
Mortgage brokers are working with various finance lenders every day and know intimately what needs to be done to process applications for mortgage loans smoothly in each scenario. It is also great to have an advocate who is up to date with any staff or business changes with banks or finance lenders.
Your mortgage broker is representing you and can be trusted to do everything necessary to get mortgage loans processed swiftly and efficiently.
3. Time saved
Once the mortgage loan application is submitted, it can be frustrating and time-consuming to follow up the progress. This is where your mortgage broker is invaluable, as the middleman (or woman), they will chase up all paperwork and liaise with the finance lender on your behalf.
A good mortgage broker will update you at every stage of the application while ensuring that the lender has all the details they require for loans to be approved and business to be completed.
By having a broader selection of options for property loans, you will most certainly have a choice of rates and fees, but your mortgage broker will also be working for you to identify features that may help you repay the loan sooner.
5. No Fee
Usually, the services of a Mortgage broker are provided to at no cost. They are reimbursed by the chosen lender once the loan has been settled.
You get a great loan WITH expert advice, WITHOUT any extra charges.