Buying a new home is an exciting journey. However, it can also get intimidating without the right support to help you through the process. Navigating the complexities of the home-buying process requires expert guidance and support. That’s where mortgage brokers step in. They act as middlemen between the borrower and lenders who can help get the right home finance.
Loan brokers do all the legwork on your behalf. For instance, they’ll work with you through the home loan application and settlement process. After understanding your financial goals, they determine how much loan you can afford. Moreover, they’ll research hundreds of products in the market to get you a reasonable deal. There are several other benefits of choosing a good loan agent. In this article, we’ve highlighted the 5 most prominent ones. So, without any further ado, let’s get started.
How a Finance Broker Can Help You Secure Your Dream Home
While buying your first home or a second property, taking the help of a reliable adviser can be a good option. They can give you a valuable service without charging you any feed. Here is a closer look at all the advantages of using a loan broker-
1. Access to a Broad Range of Lenders
When getting a home loan, most of us consider the traditional route of going directly to our local bank. Banks often have strict lending criteria that may not favour your individual needs. Moreover, they offer a limited range of products to choose from. If you contact various lenders, the process can also get time-consuming, especially while juggling work.
This is where the services of a mortgage agent prove invaluable. Brokers can contact several lenders to find you the most suitable product. With their help, you can:
- Apply for a loan that caters to your circumstances
- Get competitive deals
- Complete each mortgage process hassle-free
2. Expertise and Knowledge
It’s undeniable you would have unlimited questions about the mortgage process. These can include “how to get the cheapest interest rates” or “what will be the loan term”? And many more that’s why having access to expert guidance and knowledge is invaluable. Mortgage brokers offer invaluable insights into key aspects of the home loan process. Being professionals in the real estate space, they have years’ worth of knowledge to offer. Additionally, they use a mortgage calculator to help you understand key values related to loans. Here are the aspects a financial calculator assesses
- Monthly Payment
- Amortisation Schedule
- Total Home Ownership Cost
- Options for Taxes
- Possibility of Early Payoff
One of the greatest fears of applying for a property loan is the likelihood of your application getting disapproved. Each time your loan request is rejected, it can negatively impact your credit score. That can hinder your chances of getting a mortgage in the future.
Good mortgage advisers can mitigate this risk by helping you stay clear of potential rejection pitfalls. They can minimise the risk of loan rejections with their expertise. After assessing your financial situation, they’ll match you with options that increase your chances of approval. Not only this, they can also improve your profile to secure favourable loan terms.
3. Saving Time and Effort
The process of securing a decent home loan can be challenging. It may require you to invest a lot of your time to
- Research multiple lenders
- Compare interest rates, or
- Fill out numerous applications
However, with the assistance of mortgage advisers, you can streamline this journey and save precious resources. Finance brokers will help you get competitive deals that meet your requirements. By entrusting the legwork to skilled professionals, you can focus on other priorities while enjoying peace of mind throughout the mortgage process.
4. No Charge for Home Loan Service
Unlike bank franchisees, loan brokers are unbiased toward selling you a specific product. Rather they’ll compare various interest rates in the market to give you different options. They can also negotiate with lenders to get the cheapest mortgage pricing. Their industry connections can save you thousands of dollars throughout your loan cycle.
Many loan agents – though not all – make their money on commissions paid by the lenders. Hence, their service for borrowers is usually free of charge. However, it’s a good idea to ask your broker’s fee structure before taking their help.
5. Flexibility and Convenience
It’s easy to get an appointment from mortgage agents as their working hours are more flexible. They’ll come at a place and time that suits your interest. If you’re a full-time professional or a busy parent juggling multiple responsibilities, this flexibility can be incredibly beneficial.
Do you wish to get a competitive rate for buying a property? Then, opt for a loan review service offered at Mortgage Friend. Their accredited licensed professional will examine your profile to guide you throughout the loan process. They use a home loan repayment calculator to provide a complete break-up of loan interest. Moreover, they’ll refer you to one of the best mortgage brokers in Melbourne. If you’re interested in their service, call them on 03 9499 9719 or email them at jkassoc@arc.net.au.