With Mortgage brokers now assisting more than 60% of all home buyers, you might be wondering whether you go with a mortgage brokers or deal directly to the bank when it comes time to buy your property or even refinance.
With over 3500 + different products available for lending it’s hard to know the right fit for you.
You would start off with asking yourself:
- Which bank should I get my loan with?
- Which product should I take?
- Do I need a package?
- Which lender would work for me and my situation?
It does get very confusing, and the more you research the more confused you would most likely get with the list of questions growing as you fall into the home loan rabbit hole. There are lots of home loan options out there, and with rates constantly moving and also still at record lows, it’s an ever changing market. With so much choice, come so much complexity, it can become tricky and start to take up so much of your time.
With a mortgage broker, they will help steer you in the right direction, take the time out to learn about your goals and objectives, they quickly answer any questions you may have. They will find the right home loan to suit your needs and not the needs of just one particular bank. The broker then deals with the lender and manages your application all the way through to approval and then continues to be there for you even after you have settled. Best of all a mortgage broker can come out to see you at a time and place that suits you and they are always flexible.
When you go into a bank, the lender will only have access to the products that their bank offers and it might not be the best choice for you. It’s like trying to fit a ball into a square hole. They would not be as flexible and would only usually work bank hours so it would be hard trying to reach a bank on the weekend.
A mortgage broker just makes sense, since they do this job day in and day out. They know the lenders and their products and they are up to date with changes when it comes to lenders and their policies.
So what are the steps when using a broker?
The first thing a broker will do is meet you and get a better understanding of what it is you want. Brokers are, after all, your finance professionals, so the better they get to know you, your financial circumstances and long-term goals, the better they can match you with a product that is right for you.
Then, once they have found a product that suits you they will get the paperwork started and ensure the process is as hassle free as possible
After that you will be kept updated about the progress of your loan and will know how it is going every step of the way.
Finally, you are ready to settle. But a brokers job doesn’t stop there. They will keep in touch with you and even review your loan to make sure you are still getting the best deal that suits your current financial situation.
Author: Amanda Liszewski, Lending Specialist, Better Homes and Gardens Home Loans
**The information provided constitutes information which is general in nature and has not taken into account any of your personal objectives, financial situation, or needs, please feel free to give our lending specialists a call to see how we can help you
Disclaimer: The opinions posted within this blog are those of the writer and do not necessarily reflect the views of Better Homes and Gardens® Real Estate, others employed by Better Homes and Gardens® Real Estate or the organisations with which the network is affiliated. The author takes full responsibility for his opinions and does not hold Better Homes and Gardens® Real Estate or any third party responsible for anything in the posted content. The author freely admits that his views may not be the same as those of his colleagues, or third parties associated with the Better Homes and Gardens® Real Estate network.