When you’re getting started on your home-buying journey, you might be unsure of the benefits of a mortgage broker, and why you might opt for a broker over a bank for your loan. A mortgage broker acts as a “middleman” between hopeful borrowers and various lending institutions. Mortgage brokers work independently to connect you with the right lending solution. Two in three home buyers use a broker, but if this is your first mortgage you may be wondering why that is. We’ve listed the top benefits of using a mortgage broker for you to consider.
Mortgage brokers are home loan experts
At Borro, we make it our business to know the ins and outs of home loans while staying up to date with the latest trends and insights in the industry. We’ll help you to understand how different loans work, and advise what may best suit your needs. Mortgage brokers care about assisting you to achieve your financial goals. More than that, we’re legally bound to provide recommendations that are in your best interests.
Access to a variety of lenders
While a bank can only offer its own products and services, mortgage brokers have access to a variety of lenders and solutions. Mortgage brokers have access to home loan products from a wide range of Australian lenders. This gives you more choice while saving you time and effort – no more having to trawl through multiple bank websites to compare products!
Tailored solutions
Finding the right home loan is more than simply picking the option with the lowest rate. It is also very important to select a loan with the right features for you – supporting your longer-term property strategy. Mortgage brokers take the time to understand your financial situation and needs so that we can provide you with a tailored solution.
Save time and effort
Applying for a mortgage can be a lot of work, especially if it’s your first home and you’re unfamiliar with the process. Mortgage brokers manage the home loan process from application to settlement for you, and will guide you through every step to make the process as smooth as possible.
The powers of negotiation
Your mortgage broker will advocate for you to secure attractive terms and rates for your loan; something they are highly trained to do, armed with the power of negotiation. Elements of your loan such as interest rates, terms, and other conditions, will be negotiated to ensure you get the best deal possible.
Support and guidance in your homebuyer journey and beyond
As mentioned, mortgage brokers work in your best interests and are there to support and guide you through the home loan process. This assistance doesn’t end the day you find your dream home either – your mortgage broker will continue to ensure you’re getting the best deal on your mortgage, returning to your lender every six months to see if you can be offered any benefits such as rate reductions.
There are many benefits involved in collaborating with a mortgage broker. If you would like to learn more about these benefits, book an appointment with our team of experts or call 1300 1BORRO.
