When should I see a mortgage broker for my home buying journey?

The prospect of becoming a homeowner, whether it’s your first time or you’re a seasoned investor, can be both exciting and stressful. With many crucial financial decisions ahead, you may be wondering at what point of your home buying journey is the best time to engage with a mortgage broker. Although this process may look a little different for everyone, there are some key aspects of your home buying journey that mortgage brokers can offer valuable assistance with.

When should I see a mortgage broker?

Although there isn’t a right or wrong time to engage with a mortgage broker, you can benefit greatly from getting help before making any pivotal decisions or doing too much legwork yourself.

Engaging with a broker during initial home loan research 

It really is never too early to consult with a broker about your home buying dreams. Even in the early stages of home loan research, your mortgage broker will be able to offer advice on loan products, rates, and other important market insights that may steer your direction. Having this advice early on will also help you to prepare financially with a more accurate goal in mind.

Pre-approval preparation

Securing pre-approval for a loan before house hunting can be a huge advantage for potential homebuyers, especially in a competitive market. Your mortgage broker will thoroughly assess your finances and situation before determining a loan amount that you are eligible to be “pre-approved” for. Having this insight can help to ensure that you’re looking at properties within your price range, so you don’t waste time travelling around to inspections without a realistic idea of what you can afford.

Can my broker help with my house hunt?

When you’re ready to start house hunting, your mortgage broker will be prepared to offer mortgage rate updates so that you can make informed decisions. Your broker may also be able to offer advice on the houses you’re interested in, and how they may impact your home loan options. 

Negotiation and settlement time

Of course, your mortgage broker will be a crucial support when it’s time to negotiate a home loan ahead of settlement on your dream home. Your broker will be able to negotiate with lenders on your behalf, meaning that you will have access to more favourable terms and conditions for your loan. The closing process of your home buying journey will be assisted by your broker, as they take care of ensuring paperwork is all in order to avoid any hurdles.

Engaging with a mortgage broker for assistance in your home loan journey will ensure that you’re well supported and armed with realistic expectations. Contacting a mortgage broker early in your home buying process will ensure that you have the correct advice and market insight to guide your property buying choices. Our team of expert mortgage brokers can help you with your home loan needs. Book an appointment with one of our Borro brokers today or call the team on 1300 1BORRO.

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