Why should I use a mortgage broker rather than going directly to my bank?
With so many different loan options available today, our quality mortgage brokers can take the stress out of finding the right home loan options for your needs.
Read below to see some of the benefits of using a mortgage broker rather than your bank.
We can find you the right loan for your circumstances
With a variety of non-industry experts offering their opinion and so many lenders to choose from, how do you choose the right loan?
Look for the loan with a low overall cost.
Looking for the lowest interest rate doesn’t always guarantee you are getting the best deal. Unfortunately, this is only a fraction of what to consider when choosing the best loan for your circumstances.
Ultimately, you need to be searching for a loan with a low cost over the life of the loan.
For example, a loan that offers fortnightly repayments can reduce your loan faster than paying monthly. Also, an offset facility is a good option for home buyers that utilise this feature correctly.
Home loans can come with a variety of different features, and you often pay for them whether you use them or not! That’s why it’s so important to know which features you will genuinely use and suit your financial lifestyle.
At Business Initiatives, we can research which loan offers the best deal, explain how the loan features work, and more importantly, how they can be useful to you!
We know what the lenders are looking for
Each lender has their own way of assessing your financial circumstances. You can’t be expected to know which lenders will look favourably on your circumstances.
Lending Specialists work closely with many lenders and have an in-depth understanding of what they look for when assessing your loan application. They also know what factors could lead to your loan application being rejected. This is an integral part of Mortgage Broking and this expertise is incomparable.
Knowing these factors assists Mortgage Brokers in selecting a lender that will look favourably on your circumstances and work best for you in the long run.
Faster turn around times
Some lenders can approve a loan within hours, and others can stretch as far as 15 business days!
So, if you need loan approval in a hurry, choosing the right provider can make a tremendous difference. Quite often, our clients require their loan to be approved quickly, if this also applies to you, don’t rely on a lender to act quickly with your loan application.
Lenders policies and restrictions can affect your loan
These policies and restrictions need to be satisfied before your loan is deemed suitable for the lender to proceed.
For example, some banks won’t lend against homes located in certain postcodes, others, have strict rules regarding small apartments or acreage properties.
Mortgage Brokers know which properties or postcodes won’t be accepted as security by various lenders. This can save you a lot of time and money when searching for your new loan.
Practice caution when submitting multiple loan applications
Each time you apply for a loan (and in some cases online enquiries), it will appear on your credit report. When lenders encounter multiple applications it can raise questions, often making it more difficult to have your loan approved.
A better approach is to work closely with one of our Mortgage Brokers to find the loan and lender that is right for your circumstances.
Remember; no question is a silly question!
It is important when entering into a finance contract that you understand what you are signing up for.
Working closely with one of our Brokers can arm you with knowledge and understanding of the lending process. From then on it can boost your confidence, making your future purchases/lending requirements less overwhelming.
Ready to find out more?
Fill in your details below to have one of our brokers contact you to discuss your needs, or call us on 08 8431 7444
Appointments are free of charge.