Having a mortgage broker is one of the simplest parts of the home buying process. If you don’t know what mortgage brokers do in the process of getting a mortgage, you could be leaving thousands of dollars on the table. Here are seven reasons you need a mortgage broker.
- COMPARE IN WIDE RANGE OF LENDER’S OPTIONS
Every lenders and loan are unique with different fees, charges, options and features. Mortgage broker can help you to compare and access to rates that may not always be advertised widely.
- SERVICES ARE FREE IN MOST CASE
Yes, mortgage brokers are usually free unless you have a complex situation. They are paid by the lenders who ultimately approve your mortgage.
- CENTRAL POINT FOR LOAN INFORMATION
Good mortgage brokers explain the whole buying process, from application, liaising with solicitor, compiling the documents, all the way to settlement. They save you time and stress-free.
- MAKE YOUR MORTGAGE WORK FOR YOU
Mortgage broker will explain and advise about loan types and features such as fixed rate, variable rate, whether splitting is a better option, offset accounts and redraw facilities which can help you better manage your mortgage over the long term.
- SPEED UP YOUR APPLICATION
Mortgage broker works daily with many different lenders. They have inside hand on the lending process and relationship with lenders, so it will be faster than going to a bank directly.
- HANDLE COMPLEX OR SPECIAL REQUIREMENTS
Most banks don’t have the skills to handle complex or special requirements but there are specialist brokers that understand the specific case such as: property investing, construction loans, commercial properties, bad credit loan, non-resident loan, unusual employment situations, non-traditional properties.
- CONVENIENT
Mortgage brokers will meet you at a time and place convenient for you, whether that’s home, work, or your favorite local café.