Benefits of Using a Mortgage Broker

September 05, 2018

If there’s a way to potentially make the buying process easier, here it is…

A mortgage broker is like the middleman of loans, they work tirelessly to represent you in getting the best possible home loan from various lenders of different types and sizes.

Mortgage brokers are there as a borrower’s rock to lean on for the financial aspect of buying a new home or investment property. They work directly with you to understand your situation and help you to develop a full understanding of the paperwork, etc. so you know what you’re signing up for.

Find below some benefits of using a mortgage broker:

1. Brokers do the legwork

Mortgage brokers allow you to focus on what is really important – finding your ideal home.
They do this by exploring and comparing a range of loans from lots of lenders, which may include the big four Australian banks, smaller local and regional banks and lenders, as well as foreign and international banks with offshore operations here. Subsequently, they are able to scope out the best options that are most suitable to your individual circumstances and goals.
A good mortgage broker will also have a system of ensuring that you are always kept up-to-date and informed during the whole process so you have less to worry about.

2. Experience and Expert Advice

Brokers have the knowledge and experience to know what types of loans are available and to understand the ins and outs of loan agreements. This is beneficial to you as it could potentially save you thousands in interest repayments.

Some mortgage brokers will specialise in particular areas such as property investment, so if this is applicable to you it is definitely worth considering as they will outline the pros and cons of several options, allowing you to choose the right finance choice suitable to your property investing strategy and long-term goals.

3. Pre-qualification

Your credit history plays a role in whether you are accepted for a loan or not… however when you are unsuccessful for a loan, a mark is put against your credit history and so it can lead to a devastating spiral of disappointment.

Mortgage brokers have access to recent loan information through their software and they can match this with your individual situation and goals. This helps in knowing which loans are most appropriate for you by showcasing your borrowing power. Therefore, it indicates which lenders your application would most likely be successful with and reduces the possibility that you’ll be declined multiple times and marks against your credit history.

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