There is significant value in using a mortgage broker when financing the purchase of a new property, or for when it comes time to refinancing an existing one. Here is some information you may not have known about the benefits of using a mortgage broker.
1. Expert advice
A mortgage broker can clarify some of the items you need to understand when searching for a home loan. This can include explaining any complexity or jargon that may exist in the fine print which can affect your repayments down the track. They will be able to explain the different products and clarify the advantages and disadvantages that each offers for you personally.
2. Comparing a range of loan options
Your mortgage broker will have access to a wide range of home loan options. Based on your personal situation, they can put together a report on how each option can work for you. They will typically advise on which one (in their expert opinion) is going to best suit your needs. This means that they do a lot of the analysis for you. You will know exactly who they have looked at and how each of their proposed loan products stack up.
3. Make the broker do the legwork
Your mortgage broker is there to do the legwork in finding the right home loan to fit your needs and your budget. They will work with you from initial discussions and planning right through to the settlement process including organising a pre-approval of your loan, plus doing the required paperwork. They can quickly give you an indication of your borrowing capacity so that you know exactly where you stand when it comes to what you can afford, while determining which lenders will be best to work with.
4. No charge & non exclusive
Engaging a mortgage broker means you have someone else working for you. They are not limited by an exclusive bank and you can speak with them about multiple other lenders to understand what else is on offer. While it’s not always the case, mortgage brokers generally don’t charge for their services as they are usually paid a commission by the lender when the loan is settled. This means that whether they get you setup with a loan or not, it usually doesn’t cost you anything. Always check with them to confirm if there are any costs involved with using their services.
Redlands Mortgages Pty Ltd - Where Mortgages Are Just The Beginning