17 Mar Why you should use a broker
When you buy a property, you’re spending hundreds of thousands of dollars if not more than a million, so you want to make sure that you’re getting the best deal. In order to achieve that, you should consider how you get your finance sorted.
When you’re working long hours, it can be extremely difficult to find the time to research your finance opportunities. Why not leave it up to the experts who can search for the best option for you?
A finance broker can research the market to see who can offer you the best deal. They have access to bank and non bank lenders. If you were to search for finance yourself, you may only think of between 5 and 10 companies, which would give you limited options. That may mean that you don’t get the best deal available and could end up paying more than you need to.
On the surface 1% may not seem like a lot of money, but if you’ve got a mortgage costing you several hundreds of thousands of dollars, it can quickly add up to a substantial dollar value.
When you’re pressed for time, it’s difficult to get a meeting with your lender at a time that suits. Mortgage brokers can come to you, and will often do so in the evening when you’ve finished work. That means you won’t be short on time or running against the clock, so you can really take the time to discuss your financial needs and consider all your options.
Recently, it’s been in the media that even applying for credit can have a negative impact on your credit file. Most people don’t know this. Imagine that you’re seeking finance with ten different lenders. That can potentially knock 100 points off your credit rating, which can be the difference between being accepted for finance and being rejected. When you use a broker, you won’t be lodging the applications yourself, so your credit file will remain in good health.
A broker can assist you with other aspects of your finance. You may just think you’re getting a home loan, but in reality, you could find that you receive advice for other areas of your finance. That advice could be invaluable and save you money in the long run. For example, you may not consider consolidating your debts, or a particular lender, but when you work with a broker, you could gain another perspective that will lead to improved finances.
Brokers have specialised knowledge and regularly deal with mortgages. That means they understand things that the common person doesn’t. They understand all the little details and can provide you with advice on managing your money better. That’s something that you just won’t get if you go direct to the lender.
These are just some of the reasons why a broker can be the best option when you’re seeking a mortgage. Brokers are trained professionals that have expert knowledge and access to databases and rates that the average person doesn’t. If you’d like any info on your finances then get in touch with the team at Aspirus.