13 Nov Why Choose A Mortgage Broker?
When it comes to buying your first-home – or adding to your property investment portfolio – choosing how to borrow your money is one of the most important financial decisions you can make.
If you have an existing relationship with a bank, choosing to set up an appointment with one of their home loan specialists can seem like the easiest thing to do.
But applying for a home loan with your bank may not be in your best financial interests and it’s important to remember that, with limited loan products to offer you, shopping around for alternatives that suit your personal circumstances may actually get you better results.
Home Loan Banker vs Mortgage Broker
Before you make a decision about what might be best for you and your mortgage, it might help you to understand the difference between a mortgage broker and the home loan lender at your local bank.
Your bank can usually only offer a limited range of options and if your own financial or employment circumstances do not fit that exact lending criteria, you might be unhappily surprised if your application for that dream home or investment property is turned down.
More Choice Means More Savings
A professional mortgage broker has relationships with a wide range of multiple lenders – and all of them have different guidelines. The wide variety of choice can give you better results and with more lenders who might say ‘yes’, you have more power when it comes to shopping around for a competitive interest rate and the repayment terms that suit your situation, as well as your financial goals.
Compare Costs and Save Money!
Professional mortgage brokers can recommend a product – or products – that suit your personal and professional circumstances and they can also give you a copy of the lenders’ comparison rate. It’s a valuable tool and it can help you understand the real cost of a loan – something that makes comparing loan packages from different lenders much easier to understand.
Clear Communication is Important
Trying to speak to a real person at one of the big banks can be really frustrating – and even when you do get through, the person on the other end doesn’t really understand who you are or what you need.
When you choose a mortgage broker, you can enjoy personal communication, plus you have the opportunity to email, phone or meet face-to-face.
Buying any property is a big investment and keeping your financial details protected is important. Instead of worrying about all the different people who come and go from your bank and have access to your personal information, with a mortgage broker, you can build a real relationship that can last a lifetime.
With one trusted mortgage broker working with you, you can refinance, re-invest and eventually retire, knowing your mortgage can be adjusted along the way to suit your changing lifestyle.