Five Compelling Reasons to Engage a Mortgage Broker

The real estate market is a hot topic for Australians at the moment, due to historic low-interest rates, a wide variety of loan options, and a host of available properties. With all of this information coming at you at a breakneck pace, it’s so easy to get overwhelmed. This is where enlisting the help of a professional mortgage broker can help, and we’re going to outline the biggest benefits of this, right here. 

 

Benefit One – Make the Buying Process a Learning Experience 

If you have a good mortgage broker by your side from the start to the finish of the home buying process, they’ll turn it all into a learning experience. You can then use this learning experience when you choose to purchase another home or investment property. They’ll walk you through the application process, solicitor liaising, gathering all of your documents, and every step right up to closing. 

Benefit Two – Convenience 

When you hire a mortgage broker, they’re usually willing to work around your schedule. They can make appointments at a time that is convenient for you, like after work or on the weekends. This can be a huge bonus if you have family commitments or if you’re busy during regular business hours. 

Benefit Three – Speed 

Most mortgage brokers have excellent relationships with various lenders, and this can help expedite the application process. In some cases, you’ll get application turnaround times that are between two and three days quicker than you’d get going to the lender on your own.

Benefit Four – No Specific Lender Loyalty 

Mortgage brokers are usually free agents who don’t have strong ties to any particular company or lender. This allows them to compare far more options than you’d get with someone who wanted to sell you a specific lender. It helps to ensure you’ll get lower industry rates throughout the buying process. 

Benefit Five – Help Non-Traditional Borrowers

If you are self-employed, have less than perfect credit, or you don’t fit into the conventional borrower box, a mortgage broker can help you find competitive loans that you are likely to qualify for. There are several banks and specialist lenders available, and many will have flexible lending policies. Your broker will connect you with the right lenders; lenders that have home loans with affordable interest rates and fees that you’d get with some types of specialised loans.

Bottom Line   

Using a mortgage broker can be a huge help during every phase of the home buying process. We’ve outlined the five biggest benefits for you, and you can decide if you’d like to enlist their help when it comes time to find the home of your dreams. 

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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