Should we use a Mortgage Broker or the Bank?
When you’re looking for a home loan, you could go to a Mortgage Broker or to a bank. While a bank will only offer you its own products, a Mortgage Broker is an industry expert who will take the guesswork out of finding the mortgage product that suits you and your needs. So why use a Mortgage Broker instead of the bank?
It’s understandable that Mortgage Brokers are now the number one choice for consumers who are seeking a home loan or to refinance an existing loan. Businesses are also engaging Mortgage Brokers to help them with their finance needs from car and equipment leasing to loans to help their businesses expand.
The leg work
Mortgage Brokers already know the industry, the lenders, their products and their requirements, saving you a lot of time and energy on research. They will also put the time into finding out about your particular credit situation and have a wealth of experience to draw on to help simplify it.
Translate industry jargon
Mortgage Brokers are able to make sense of what loan documents and lenders are saying – put it into lay-person’s language, so to speak. It’s also very important to keep in mind that not all lenders are created equal – they all have different lending policies, offers & complicated products!
Get you what you want
Your trusted Mortgage Broker can help determine your borrowing needs and fiscal ability, and help you choose the an appropriate home loan product to suit your requirements.
Give you a broader choice
Mortgage Brokers offer a larger selection of loan products. While a bank can only offer you its own products, Mortgage Brokers can help you choose from a selection of loans provided by different lenders. The choices available in the lending market can seem limitless and completely overwhelming. All lenders will advertise that they have the greatest deal – this is rarely the case! Lenders will often include penalties, fees and charges which are not so obvious. By using a trained professional that has industry knowledge you could avoid taking out a loan that you might later regret!
Help you compare apples, oranges and the whole fruit basket
Mortgage Brokers have the knowledge and tools to compare often hundreds of products and you get a loan suitable for your circumstances and needs.
Find you a good deal
Lending providers are always spruiking a special deal or two, and these could make a big difference to your repayments or success rate. Your trusted Mortgage Broker will know which of the deals on the market at the moment will be appropriate for you.
Costs
Usually, there are no out of pocket costs to the borrower when using the services of a Mortgage Broker, as they are remunerated by the selected lender in the form of a commission, an appropriately licensed professional will always disclose the commission that will be paid. Your trusted Mortgage Broker will take pride in doing the research and leg work on behalf of their clients to obtain the most suitable financing arrangement!
Act as your advocate
A good Mortgage Broker wants the best for you, the client. They will be your cheer squad, middleman, team player and coach throughout the entire process. The role of a great Mortgage Broker goes much further than facilitating a transaction, they assist with the loan application, settlement process and answering any questions along the way. Unlike a bank, a Mortgage Broker will take the time to educate their clients and truly understand what they are trying to achieve now and into the future.
They’re in it for the long haul
A Mortgage Broker won’t just love you and leave you – they will oversee and manage the loan’s progression right through to the end on your behalf. By the way, ‘the end’ isn’t when you sign the documents and buy your property; you can expect your finance broker to keep track of you and your changing needs, helping you should you need to switch products or wish to purchase another property down the track.
It is in your Mortgage Brokers best interest to provide clients with quality credit advice, customer service and support so that clients become advocates. If you’re buying your first home, an existing loan, consolidating debt or investing in your next property – your trusted Mortgage Broker is absolutely committed to getting you in the best possible financial position!
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.