Even for an experienced homebuyer, choosing a mortgage can be difficult. It is extremely difficult to deal with various lenders, negotiate deal and understand various products they offer. All the paper makes it even more daunting and stressful. A mortgage broker can help a borrower save money over the life of the loan, and considerable time and work during the application process.
Benefits of using a mortgage broker
The Best-interests Duty
Brokers are required by statutory obligation to act in the best interest of their clients – not the lenders and not themselves. This sets them apart from anyone at a bank. Brokers are the only option for professional help with the entire home loan process.
Save Time And Effort
Brokers do all the leg work for you. They understand your requirements and situation, deal with various banks, negotiate the best deal at lower interest rate, do all the paper work and coordinate with the bank to get the approval as quickly as possible. They will save you the stress of doing all the work yourself.
Better Access To Lenders
If you apply directly with a bank, you can use only the products they provide. But if you use a mortgage broker, you can access hundreds of loan products and multiple lenders, including some you can access only through the broker. Brokers can find home loan packages to work through any complex scenario, such as bad credit, unusual employment, unusual properties, no-doc, low-doc and so on. They can quickly assess the type of home loan suitable for your situation and often know when lenders are offering new home loan products and discounts. They will fill out applications for you, negotiate with lenders and speed up the turnaround process. Brokers have ongoing relationships with lenders and direct conversations with those making the decisions.
Negotiations And Best Rates
Applying for a new mortgage or negotiating with a new lender may involve many different fees, such as application fees, appraisal fees, and more. By convincing the lender to lower or waive them, a broker can help you minimise the cost of your home loan, saving you hundreds or even thousands of dollars. You’ll have access to lower mortgage rates than you would if you tried to negotiate with lenders yourself because most mortgage brokers receive volume discounts from their top lenders.
Free Service
You are not required to pay anything for this service. Since they receive a commission from the lender, mortgage brokers do not charge a cent from you.
They Can Give You Expert Advice
Brokers with years of experience working in the industry have efficient processes. They are professionals at dealing with borrowers who have unique needs, such as independent contractors or people with bad credit. They will decide whether you can afford a mortgage and what types of rates and terms are available for you after looking at your income records, credit reports, employment history, lists of assets, etc. This is beneficial for you because it eliminates the need to contact various lenders on your own, which risks lowering your credit score.
Secure Mortgage & Finance ensures that you get the best deal that suits your personal and financial situation. We know what loan product works for you and what you should be paying and how often. We are here to assist in the best possible manner and help you secure your dreams!!
For a stress free mortgage experience, Contact us on 044 9556 957 or info@securemortgageandfinance.com.au