When ready to make that big commitment of applying for a home loan, most people would head straight to the bank that they currently bank or are most familiar with. If this is your strategy, most finance experts warn you may not be getting the best deal or the one that’s right for you.
There are numerous reasons why using a mortgage broker, is in your best interest. Even if you want to go with a particular bank of choice, still use a mortgage broker to help you gauge your borrowing capacity and correctly chose a product that works for you, not to mention help you with all the in between stuff like process paperwork and manage the application on your behalf. At the end of the day, brokers have better knowledge, insight and negotiating power when it comes to dealing with the bank. All at no cost to you.
Here are the top 5 reasons why my clients have found using a qualified mortgage broker instead of going directly to the bank, is the way to go:
1. MORE OPTIONS
When you sit in front of a mortgage broker, you’re sitting in front of 30+ lenders and have access to over 800+ products. As opposed to talking a banker who works for the bank and only has access the bank’s products. Choices are important nowadays as banks are more stringent and likely to say no if you don’t meet their strict criteria.
2. EXPERTISE
Mortgage brokers often run their own business and are committed to giving you the best possible service, long term. Good brokers are highly qualified professionals that have a diverse background and experience within finance and the real estate market. They can often give you a birds eye view of the many loans available to you, something you can’t get without physically visiting every bank and lending institution. Banks on the other hand are large institutions that move their staff around, sometimes making it difficult to deal with the one person let alone someone who understands and has your best interest in mind.
3. SPECIALISATION
Banks ordinarily don’t train their employees in any one single specific area and service whoever walks into the bank. Good mortgage brokers have a specification or niche and often attract clients this way. It pays to speak with a specialised broker if you require specialised assistance or if you situation is a little tricky and requires the best possible advice.
4. SOLUTION ORIENTED
Getting a loan is not always easy and depending on your financial situation can be quite daunting. A good mortgage broker should understand that each person is different, and the loans and lenders suggested will depend on how you, as their client wants to utilise your loan and overall what you want to achieve.
5. PERSONAL BANKER
Your mortgage broker is like the perfect personal banker. They know what needs to be done and make sure everything runs smoothly. Also, because most brokers are owners of the business, they want your application to be successful. Overall, a broker works for you whereas the banker who’s giving you limited and biased advice, works for the bank.
Contact us for a FREE no obligation consultation or discuss strategies to correctly structure your loan on 0427 918 232 or email daks@wholisticfinance.com.au
Disclaimer: The Information is general in nature and does not consider your particular investment objectives or financial situation. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and is not an invitation to take up securities or other financial products or services. No decision should be made because of the information provided without first seeking expert financial advice. Your full financial needs and requirements would need to be assessed prior to any offer or acceptance of a loan product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.
