Why Should You Use A Mortgage Broker?

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What does a mortgage broker do?

Apart from simplifying the home buying process, a mortgage broker offers you a high level of service, which means you don’t have to spend hours searching through home loan comparisons, then applying for a home loan. Instead, a mortgage broker does this for you. But it gets better, a mortgage broker does much more than this they also:

 

Act as a lender liaison

A mortgage broker acts as a liaison between you and a lender when you apply for a loan. This direct contact means that you can get on with what you do best and forgo the frustration.

Narrow down loan selection

Rather than you having to wade your way through hundreds of home loan products from various lenders, a broker reduces the number of loans to just those that suit your purposes.

Manage the application process

Putting in a home loan that will gain approval is sometimes tricky. However, a broker does this on your behalf, so you avoid making mistakes that could make the difference between gaining approval or not.

Keep up-to-date with best practices

A broker knows the mortgage industry as they deal with it daily. This familiarity means that they understand changes, know products and comprehend lending policies, which can increase your chances of securing a loan.

 

How can a mortgage broker benefit me?

The benefits of using a mortgage broker’s services are many. Some of the most prominent being:

 

Appointment ease A mortgage broker tailors their
appointments to you and your lifestyle. This means that if you work unusual hours, then you can meet your broker at a time that’s convenient and when you’re thinking at your best. Most mortgage brokers can book evening or weekend
appointments, and many will visit you at home.

Brokers do the arduous work Rather than you conducting the research needed to find the right home loan product to suit your needs, a broker does this for you. A mortgage broker also helps you from the start of the home loan application process right through to property settlement. So, if you have a poor credit rating, need a special loan type or want help applying for government grants, then a mortgage broker will help you.

Valuable insight Most brokers can provide you with real-life insight into the use of home loan products. This feedback typically comes from other clients who have used specific products successfully. Real-life feedback and product performance let you select a home loan confidently.

No service fee The cost to use a mortgage broker’s services are usually free as the lenders on their panel typically pay a commission at the time of home loan settlement. However, this is not always the case, so it pays to ask, rather than assume when looking to use a mortgage broker and their services.

Easy loan comparisons A bank can offer you a comparison of their loans only, whereas a mortgage broker can offer you a selection of lender products. Carrying out this research on your own can take hours, especially if you don’t know what types of loans suit you and your specific needs.

In-depth advice There is so much more to a home loan than an interest rate. Mortgage broker’s take the time to
explain the differences between products, such as payment options, loan features and product advantages and disadvantages, so you find the ideal home loan for you and your needs.

Loan prequalification Rather than applying for a home loan and then getting turned down, which can leave a mark on your credit history, a mortgage broker uses specialised software that enables them to prequalify you for a home loan. This process enables a mortgage broker to match your information personal and financial circumstances with a range of lenders based on their lending requirements. Using this technique narrows down your home loan selection and helps a broker to identify the lenders that best suit you and your needs. As a result, your mortgage broker will then be able to recommend the lenders that you’ll most likely gain loan approval from, which reduces your chances of receiving a declined application.