Five Reasons why you need a Mortgage Broker

For most people, buying a home or an investment property are the biggest financial investments of their lives.

A mortgage broker can help streamline the costly and confusing process, while saving you valuable time and money.

Here’s how:

Simplifying the home loan process

While this is an overwhelming first-time experience for you, your mortgage broker can efficiently guide you through the entire process, from the application to the property settlement.

With their assistance, you can handle all the complexities of paperwork and legal details. They can also give you the right advice to ensure your application is approved promptly.

As a result, you have the peace of mind of delegating the process to an expert who will keep you informed every step of the way.

Fast comparisons

With so many banks and lenders offering different deals, it can be difficult to figure out which is the right loan for your situation.

While a bank will only promote their own products, your mortgage broker has the experience and the contacts to compare a wide range of lenders and products, to identify the right package for you, based on your individual situation.

They can decipher the financial jargon for you and explain the pros and cons of various home loan features, so you can confidently make an informed choice.

Direct service

As your mortgage broker regularly works with various lenders, the application process can be several days faster than going to a bank directly. Best of all, you are dealing with one point of contact, rather than whichever member of the bank’s credit team takes your call.

This gives you the benefit of securing the loan features that are best for you, based on your circumstances.

Better value from your property investment

When an expert oversees your choice of loan, you reap the long-term benefits of better interest rates and the right flexibility for your personal situation.

The right loan can take years off your mortgage while cutting down your interest payments.

In comparison to the significant savings, the cost of a mortgage broker’s fee is negligible. In the US and UK, mortgage brokers charge around 1-2% of the total loan, while in Australia, mortgage brokers are paid by lenders so there is no cost to the client.

Specialized assistance

If your situation is a little more complex than a standard home purchase, a specialized mortgage broker can help you through the process.

Whether you need assistance with property investing, commercial properties or a hobby farm, there is a mortgage broker who knows exactly how to help you.

There are also mortgage brokers who specialize in assisting people with individual challenges that might deter lenders, such as bad credit, non-residential status or contract employment.