Why using a mortgage broker can beat talking to your bank manager for a mortgage

Looking for a mortgage? Then please take a second to consider having a conversation with a mortgage broker before you talk to your bank about getting a loan. Why? Because there are some good reasons that a mortgage broker may get you a better deal than your bank.

The Bank Vs The Mortgage Broker

Banks operate by designing financial products that they sell to their customers. They’re pretty good at it as you can tell by the number of banks in operation in Australia today. However, because a bank develops its own products, it has no interest in offering you products from other financial institutions. So, when you visit a bank they offer you the best product they have from their range of mortgages.

Your mortgage broker, however, looks at you first. They talk to you about what you’re trying to achieve, your financial circumstances, your specific short-term and long-term financial needs and then they look at a wide range of financial institutions to see which one might offer you the property loan to suit those circumstances.

More Products? How Many More Products?

It’s difficult to put a precise figure on the average number of mortgage types offered by a bank but it’s fair to say that it’s usually fewer than 100 options. Often it’s much fewer.

Aspirus Financial Services as a Melbourne mortgage broker, on the other hand, can offer more than 2,000 options. Of course, we won’t make you sit through all of those options when you talk to us. We’ll narrow down the options to those that we feel suit your financial circumstances and then present you with a small pool of mortgages. That’s another advantage of using a mortgage broker – we do the hard work for you.

The Paperwork And Lender Interactions

Another nice thing about choosing a mortgage broker over a bank is how the paperwork and lender interactions are handled. In the bank, you’re at the mercy of the bank’s representative as to how things go with paperwork and indeed on the decision making process. With a mortgage broker, we take care of the paperwork and because we’re used to dealing with financial institutions we know how to comply with their processes to get the right results.

Dealing With Problems

We can also help provide honest alternatives to the bank when the bank won’t give you a mortgage. Banks prefer to offer loans to very low-risk borrowers. There are, however, other lenders out there who are prepared to take a little more risk and we can help you find the right lender in most circumstances.

Want To Know More?

If you’d like to talk about your mortgage needs and see why a mortgage broker in Melbourne can beat your bank for a mortgage; call us at Aspirus Financial Services today and make an appointment. We’re happy to help you begin your journey of home ownership or property investment.