When should I find a Mortgage Broker?
Saving for a home? When saving a deposit to buy a home, many people have a goal amount in mind that they need to save before they meet with a Mortgage Broker who will help them secure the finance.
If this is you, you’re probably doing it wrong. From day one, when you first think, ‘I could maybe buy a house if I worked hard and saved a lot’, you’re ready to have a Mortgage Broker on your side.
Your trusted Mortgage Brokers knowledge is invaluable, as they have significant expertise in the lending and property market. They will be able to help you work out how much you can afford to borrow, which determines the size of the deposit you will need to save.
They will also be able to help you develop processes and a realistic timeline to save your deposit faster, and provide creative solutions that will help reach your property goals sooner.
You may also be pleasantly surprised to find that you are closer to your goal than you might have thought. The tools available to a finance broker that can help you realise your dreams more quickly and efficiently include lender’s mortgage insurance, specialist lending products, land loans, interest-only loans, and for investors suggesting up and coming investment locations.
More importantly than just being allowed to provide these products, a qualified Mortgage Broker can help you work out whether they suit your situation and future goals. For example, while buying land now to build on later lowers the cost of your initial investment and can be an opportunity to take advantage of reduced land prices, there is no point in proceeding further if you will not be able to secure the construction finance down the track.
So speak to an expert now. Contact your trusted Mortgage Broker who can help you take the first steps to owning your home.
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.