Purchasing a property can be quite scary when you’re starting out. There are a lot of things that you don’t understand and even more things that you have to consider.
Do you opt for a fixed or variable interest rate? What documentation do you need to provide to meet the lending requirements? How much deposit will you need?
Before all that, you need to work out what you need and how much you can afford to lend. You want a loan that you can afford, suits your lifestyle, and is flexible enough for you to stick to in the coming years.
This is where a mortgage broker comes in. Working with a broker provides you with a lot of advantages that you wouldn’t necessarily get going direct to the lender. This includes:
1. Access to a network of lenders.
This is probably one of the biggest advantages of working with a broker. They have a network of lenders, which means a number of things. One is that they can give you access to deals that you may not be made public. They can also negotiate on your behalf and due to their strong relationship with the lender, tend to have more bargaining power. Their relationship with lenders can also mean that your application will be faster and more convenient.
2. Translating finance jargon for you.
Unless you’re a veteran investor or spend hours, even days researching, the terms that people in the finance industry use will sound alien to you. When you’re putting hundreds of thousands of dollars on the line, you don’t want to be misinterpreting what you’re getting yourself in for. You mortgage broker will be on hand to answer any questions you may have and translating all that jargon, so you truly know and understand what you’re signing up for.
3. Saving you time and money.
There are hundreds; even thousands of loan products on the market right now and it can be difficult to find the one that is most suitable to your personal circumstances. This is where a broker comes in, we spend that time asking you the right questions to determine what your financial needs are and search the market to find the most suitable loan for you. Without the help of a broker, you could spend days becoming frustrated and tired comparing loan products that look practically the same. It’s not always wise to go with the lowest interest rate and that’s where a broker adds much needed value, saving you time and money.
Working with a mortgage broker is all about convenience from choosing lenders to comparing products to getting the most suitable loan for your needs. Best of all, the services of most mortgage brokers are absolutely free! We rely on our referrals in such a competitive industry, that’s why we go above and beyond to recommend only products we know will really benefit you.
If you or someone you know is looking at taking out a loan, give us a call to book a consultation and we can answer any questions you may have.