Is It Worth Hiring a Mortgage Broker?
Great! You have made the decision to buying your new home. You are what is called a hot buyer in the property market. But before making any risky decision you should hire a mortgage broker in Brisbane.
A mortgage broker is a trusted adviser who can liaise with lenders on your behalf to get you a home loan.
They are licensed and regulated financial professionals who can guide you through the process of finding the best home loan that suits your finances. A mortgage broker will work on your behalf every step of the process, from start to finish.
What does a mortgage broker do?
A mortgage broker helps you to find the right loan tailored to your needs. They act as an intermediary between someone qualified as a home buyer and those offering loans to buy real estate.
Consulting with an experienced mortgage broker can save you time and find you the right mortgage for your new home.
By completing a budget work about your financial situation, the hired mortgage broker can help you determine which type of loan is best for you.
What are the benefits of using a mortgage broker?
Firstly, a mortgage broker will save you time, effort and money. Fundamentally, they help you to find out how much money you can borrow from lenders.
They guide you through the process of buying the property, applying for a mortgage and explaining to you what interest rates are available from the lending institutions they have on their panel.
Advantages of hiring a mortgage broker
There are many advantages when it comes to hiring a mortgage broker and these are the main ones:
- Network: Mortgage brokers have an extended network of lenders. They are connected to them and the bigger the network, the more choices you can have. A good broker will have a wide range of lenders on their panel.
- Reliability: Some lenders work exclusively with mortgage brokers and rely on them to bring them qualified clients.
- Detailed and tailored service: We don’t have access to all the lenders so a mortgage will find the best options based on your situation.
- Save time: Mortgage brokers have access to specialised software that allows them to provide you with dozens of options in minutes.
- Expert advice: An experienced mortgage broker will inform you and give you the best possible advice on the different lenders and loan options.
If you are going to research a few mortgage brokers, make sure the broker is licensed to provide you with a loan. They should have their Australian Credit Licence or be qualified to act as an authorised credit representative.
Have in mind that a good broker will present you with several options and clearly explain their reasons for recommending specific loans.
Brokers must meet your financial objectives and expectations and they won’t pressure you into purchasing a loan.