There are several distinct benefits of hiring a mortgage broker, one of which is the immediate access to a host of lenders who are ready to review your application.
A mortgage broker essentially walks you through the process of finding a home loan and they do all the leg work, comparing the vast number of lenders and products in the market to find the loan best suited to meet your financial requirements.
They guide you through the process
Particularly for first home buyers, it can be a daunting process searching for your first home loan.
The role of a mortgage broker is to guide you through the loan process from start to finish, ensuring that you feel informed every step of the way.
They will work to determine what your borrowing power is by reviewing your past and current financial position, while also looking to the future considering your wealth goals.
With this information, your mortgage broker will refer to their expansive panel of lenders to find the most suitable loan product for you, and facilitate the preparation of your loan application.
Once your loan is approved, your mortgage broker will walk you through the steps to settlement until you have the keys to your new home or car!
They offer expert advice
There’s a lot more to loans than deposits and interest rates!
Lenders are constantly updating their loan criteria and new loan products are appearing in the market constantly. It can be a challenge to keep up, and to know what is going to best meet all of your borrowing needs.
A mortgage broker takes many factors into consideration when reviewing a client’s file. This includes your borrowing history, your employment circumstances, any Government grants or incentives you may be eligible for and any existing assets/debts you may have to determine your borrowing power, and to therefore match you with an appropriate lender.
It’s also important to consider your repayments. Your broker will work with you to find a loan solution that will allow you to comfortably repay your loan based on your current circumstances, and avoid any unwelcome financial strain.