Is It Worth Getting a Mortgage Broker?
Having an experienced expert on your team can be the difference between success and failure.
- Sitting in front of a broker is like sitting in front of 20+ lenders with hundreds of loan products, rather than having the options from just one bank.
- Even if it is your preference to approach your current bank, I can still negotiate with them on your behalf to ensure that their offer is competitive, you have chosen the right product and your loan is structured in a way to suit your goals and lifestyle.
- A broker deals with lenders on a daily basis so knows what a good deal looks like. A good broker knows what each lender needs to process your application smoothly and without delay.
- As in any other industry banks and lenders change staff and rules from time to time, so it’s good to have someone whose job it is to keep you up to date with any changes.
- Brokers work for you, not the bank; i.e. we act as your personal advocate with the lenders and explain to you the difference between each bank’s offers and polices. Sometimes a lower interest rate is not necessarily the best offer as there may be other conditions that are not in your favour.
- Also, a bank will not tell you that another lender down the road has a product better suited to your needs. But a broker will! And as we don’t have ties with any real estate companies I can work in your best interests.
- Applying for a loan and doing all the follow up is a time-consuming and sometimes frustrating process. I will prepare you and your loan application in such a way as to minimise delays and push back from lenders by ensuring all the questions have been anticipated and dealt with before they are even asked. This includes providing the lender with all the correct paperwork upfront so they can understand your goals and make a positive and speedy decision.
- I will then take over the follow up as it is my aim to make the process as stress-free and simple as possible for you. Sometimes this can be just a matter of identifying the right lender to apply to keep things straightforward. You may be surprised at the way that different lenders will view the same application.
- There is usually no cost to you for the services that a broker provides as these are paid by the lender you choose after the loan has been confirmed and accepted.
- Ideally a broker will work with clients not just to purchase a particular property but also over the long term to ensure that the mortgage structure remains the right fit for any changes to your lifestyle.
- A broker can identify opportunities and ways to reduce the term of your mortgage which could save thousands of dollars in interest and get you to your goal of being mortgage-free sooner than you’d hoped.