Firstly, when it comes to buying a home or investment property, getting help from a mortgage broker comes at no cost to you.
What does a broker do?
First and foremost the mortgage broker’s job is to get to know you and understand your property ownership goals, both now and in the future. Both are just as important, so they make sure any decisions made now wont hinder you from achieving future plans. The individual circumstances determine the type of loan that is right for you, so the mortgage broker will critique and compare different financial institutions on your behalf to secure the best possible home loan for you.
The mortgage broker’s is to actually help you in the buying process from pre-approval right through to settlement of your purchase.
Why not just go to a bank?
To put it simply, you will only receive financial advice and home loan options from that lender, and wont be offered the same variety and choice that a good broker can provide. Given mortgage brokers offer home loans from a variety of lenders, including the big banks, the mortgage broker process is much like having a bank search engine highlighting the best solutions on the market.
At what stage do you need a broker?
As you would enlist a real estate agent or buyer’s agent to help find you a home to suit your needs, engaging with experts who can help with financial matters is best done at the beginning of the journey. Not only will you have a greater understanding of your financial means, but mortgage brokers can also negotiate a better deal on your behalf, such as waiving fees related to your loan. Particularly if you already have a home loan - they can try to negotiate a better deal with your current lender on your behalf or look at a better home loan when refinancing.
Visit your broker early in the process so you are giving yourself a clear understanding of what to expect in relation to the home loan process, interest rates, and borrowing capacity. Which will help guide your decisions when searching for a property.
At Finance 365 we offer much more than mortgages, but ultimately we are here to help you find the right deal for property purchase. Whether for a first home, a new home, or an investment property - it’s about saving you money, time and effort in the process.
If you’re planning on buying, contact us today to speak with a Finance 365 mortgage broker.