Buying a home and taking on a mortgage is one of the biggest financial decisions in your life and yet it’s amazing how many people try to go it alone without the help and support of a mortgage broker. Acting as an intermediary between you and the banks or lenders, a mortgage broker is independent and has a wealth of expertise and knowledge that you could benefit from. In fact, their expertise could save you thousands of dollars and will ensure that you’re not chained to a mortgage for any longer than is necessary. So if you’re in the market to buy your first home, a rental property or are looking to move, then engaging a mortgage broker is an absolute must and here’s why.
Mortgage brokers are free!
Yes, that’s right! There is no cost to you the customer in consulting with a mortgage broker. A mortgage broker’s fees are paid by the bank.
Mortgage brokers will save you money.
A mortgage broker has more bargaining power with banks and lenders than any individual customer could hope to have. Often they can negotiate preferential interest rates for clients that are below the standard advertised ones. But their real value is in finding the perfect mortgage for your circumstances. They can ensure you have the right loan and repayment structure that will see you paying off your mortgage as quickly as possible. This translates into many thousands of extra dollars in your bank account over the life of the mortgage.
Mortgage brokers are your trusted advisers.
Buying a home is a daunting prospect, especially if you’re a first time buyer and are new to the whole process. Banks and real estate agents often have their own agendas and are not always working in your best interests. A mortgage broker is different. They actively work on your behalf and are committed to getting the best arrangement for you. Mortgage brokers deal with banks and lenders on a daily basis and they have an intimate knowledge of what’s available. They can also negotiate on your behalf with banks and lenders, thereby taking care of another potential headache. Basically, the mortgage broker’s expertise and guidance means that you can avoid unnecessary stress and hassle while protecting yourself from financial loss.
Mortgage brokers can arrange pre-approval.
Before you can bid for your dream home at that auction, you need to know exactly how much you can borrow. A mortgage broker will help you present the required information so that you get pre-approval from the bank as quickly and effortlessly as possible.
Mortgage brokers can save you time.
Ask anyone who’s tried to go it alone and they’ll tell you how much time is involved. From researching different mortgages, sourcing the best deals and then negotiating with banks and lenders, it’s a huge investment of time – time that you would probably prefer to put into house hunting. Using a mortgage broker simplifies the whole process as they take on the responsibility for sorting out the finances. It’s a no brainer!