If you’re a first time home buyer or real estate investor, your head may be swimming with the sheer variety and volume of lenders and lending products available in the market.
But there is a short-cut to getting the right mortgage deal for your situation. Mortgage brokers keep up-to-date with the latest product offerings from lenders and have intimate knowledge of various features and options. They work as a liaison between the borrower and the lender to negotiate a home loan for their client.
5 reasons to use a broker:
1. Choice
If you go direct to your bank, you will only be offered products from that financial institution. Mortgage brokers have relationships with several different lenders and are knowledgeable across each lender’s range of products.
2. Works for you
As small business owners, word-of-mouth makes or breaks mortgage brokers. Hence they are motivated to act in the clients’ best interests.
3. Skilled negotiators
Mortgage brokers’ skill and experience, combined with their relationship with a lender help them negotiate rates that are often better than what borrowers could achieve on their own.
4. Goal-orientated
Are you looking for the cheapest rate? Are you interested in paying off your loan sooner? Are you planning on buying another investment property? A mortgage broker will interview you to find out what you want out of your home loan and work to find the best product to suit your needs and home ownership goals.
5. Paperwork
Mortgage brokers help their clients complete and submit the mortgage application, as well as gather the documentation required by the lender.
Finance is more than just getting a loan. Thorough planning is paramount to achieve success. It’s all about developing a comprehensive financial strategy that plots a course to your specific wealth creation and lifestyle goals.
For that, a reliable mortgage broker can give you unbiased recommendations and transparent review and access to the best available finance products from leading lenders in the market.
They not only help you plan, but also do all the ‘leg-work’ on your behalf!
If a mortgage broker is not taking a strategic approach to getting you finance, then it’s time to look for another one.