10 Reasons Why You Need a Mortgage Broker

In this day and age of digital technology and a wealth of information available at our finger tips through the internet, online tools such as borrowing and repayments calculators may seem like getting a mortgage is easy. You can compare different lenders and different products and you can get a good idea of interest rates and what lenders are charging.

However, the reality is quite different when it comes to actually applying for a loan. Your local mortgage broker has the expertise to find you the right loan for your needs.

Here are 10 reasons why a mortgage broker will prove invaluable:

  1. It makes financial sense. In most cases mortgage brokers services are free. The lenders pay the brokers’ fee.
  2. Mortgage brokers work for you not the lender. A mortgage broker will put your financial needs first and find a loan that will match your circumstances.
  3. Spoilt for choice. You can rely on a mortgage broker to give you plenty of options. They have access to many different lenders and types of loans.
  4. Save your legs! Let the broker do the leg work for you when it comes to the application process. This is because brokers know what individual lenders require and make sure your application is correct before submitting it.
  5. Service when it suits. Mortgage brokers will come to you at a time convenient to you.
  6. Perfect match. It is a common misconception that banks don’t like mortgage brokers but the truth is banks generally like mortgage brokers as they typically put forward applicants who are going to meet their needs.
  7. Avoid pitfalls. It is typical for lenders to entice borrowers with honeymoon offers, exit fees, and fixed rates. A mortgage broker will help negotiate through all the various lenders products to find the best loan to suit your circumstances and help ensure you are not paying more than you should over the life of the loan.
  8. Borrowing within your means. When using a mortgage broker, you are less likely to be over stretched and find yourself in financial difficulty.
  9. Switching is simple. There are times when you may want to change your loan due to a change of circumstances. Your broker can undertake all of the investigation and paperwork for you. It is not unusual for your mortgage broker to liaise with your conveyancer to keep things running smoothly at settlement.
  10. Get a health check on your current loan. The home loan market can change frequently. At any time, you can ask your mortgage broker to take a look at your home loan, your personal circumstances and the loan market and give you an update. Whatever the outcome, you can relax knowing you loan is fit and healthy based on current information.

Whatever your reasons for wanting to buy a home; first home buyer, selling to up-size or downsize. You can buy with confidence with a pre-approved loan through a mortgage broker.

I have worked with numerous brokers throughout my time in real estate. Call me now to discuss your real estate needs and to get in touch with a mortgage broker today.

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