You are ready to apply for a home loan but are unsure whether to use a mortgage broker or head straight to your bank, the latter could prove to be a costly mistake in the long run. There are many reasons why you’re better off using a finance broker when looking for your home loan, even if you wish to have you mortgage with your current bank, you can still use a broker to process your application and manage the paperwork on your behalf.
Here are a few reasons why every borrower should seek out a qualified finance broker when trying to obtain property finance.
A Mortgage Broker gives options
When you sit down with a broker, you have options. You can choose from over 30 different lenders and their products, opposed to visiting a bank manager and being limited to their products and promotions only. With more lenders declining applications, by having more options, you are more than likely to get a yes.
The majority of brokers own their own business and are committed to their clients for the long-term. Banks are bigger companies, they tend to move their staff around more and therefore, you may have a number of bank managers in a 12 month period. You will find that a broker has more industry experience than your average local bank representative, as they are running their own business; they are likely to be your mortgage broker for life.
If you need specialised attention with your loan, it pays to use a specialised broker. If you are looking at developing an investment portfolio, look for a broker that has experience in this type of lending. Bank staff don’t always have the necessary training and understanding in these areas and banks tend to adopt a “one size fits all” policy to their customers.
Keeping up with the progress of your loan can be time-consuming and frustrating. By using a broker, they already have systems in place to monitor your application and will keep you informed every step of the way, saving you the hassle.
You will find that a good mortgage broker is like having your own personal banker, but only better! They know what needs to be done and are invested personally, as this is their business and they want to retain your business for the long-term. With staff changes and turnover in the banking industry, you may find a good personal banker only to find they have changed jobs next time you need them.