Buying a home may well be the most significant expense of your life. It pays to get some professional advice to make sure you’re going about it the right way and getting a great deal from your lending institution.
Remember when you last went supermarket shopping? You probably spent a few minutes (at least!) comparing different products, trying to work out which offered you the best value. Or perhaps you’ve decided you need a new fridge, so you hop online and research which brand will give you the most features you want for the least amount of spend.
We’ve all got used to a certain level of choice when shopping for groceries and other products – so why shouldn’t we enjoy that same option when shopping for the right home loan?
Simply put, mortgage brokers draw on their specific training and expertise in home loans to compare products for you. They have access to an extensive lender database, all of whom are vying for your business. Mortgage brokers will negotiate with lenders on your behalf to get you the perfect loan fit for your requirements and lifestyle.
Think of a mortgage broker as your very own personal banker who’ll guide you through every step of your mortgage journey. Because they have access to more lenders’ details and requirements than you could ever research yourself, you’re more likely to find one that agrees to lend you the money for your dream home. He or she can also help you structure your loan to suit your goals.
In a nutshell, a mortgage broker:
- Assesses your financial circumstances to determine how much you can borrow comfortably
- Is a mortgage expert who can help you for the entirety of your loan
- Negotiates with lending institutions to help find you the right deal for a great price
- Has a database full of lenders who are all wanting your business
- Can organise special discounts on your behalf
- Will even do your paperwork for you!
Give them the details of your financial goals, and they can deliver:
- Personalised property and sales research to help you find the right home
- Comparison loans from some of Australia's leading banking institutions
- Reports that calculate the real costs involved in buying and selling a home
- Savvy tricks to save money and make better financial decisions.
Mortgage brokers are particularly helpful if your financial situation is a little tricky. They can give you targeted advice on a wide range of loan issues, including if you’re a first home buyer or a first-time investor, are self-employed or want to refinance your loan to pay off other debts or renovate.
Even better, most mortgage brokers will earn a commission from the lender you end up choosing, so all their expertise is at your disposal at no cost to you.
Make sure that you are asking your broker the right questions before you jump in however. Ask them about thier methods, like how do they determine the right kind of loan for you? Which lenders do they select from? - You may not agree with the business practices of some even though they might seem like the best lender. And who do they mostly work with, you want to ensure that your mortgage broker has knowledge and experience working with people in your situation.
Once you find the best mortgage broker for you, it's likely you'll have a working relationship with them for decades – in fact, probably as long as you have a mortgage. You get that added peace of mind knowing you can call up at any time for on-point advice when you need it.
Most importantly though, a mortgage broker is there to support you through one of the biggest financial undertakings of your life. Your success is their success, so they will do everything they can to make your home loan experience a fulfilling one.