When searching for a home loan, many people head straight to their bank and have the misconception that their bank manager will offer them the best deal. Industry experts warn that taking a direct route to their bank of choice means you are missing out on many benefits on offer by not speaking to a broker.
Below are the top five reasons to use a mortgage broker when obtaining finance for your next property:
1. More Choice An obvious argument for choosing a mortgage broker is choice. If you choose to head straight to your bank, the lending manager can only access loan products offered by one bank. By visiting a Mortgage Choice broker, you will have access to 28 banks and lenders with hundreds of loan options at the broker’s fingertips. This not only helps you save money by the way of interest rate comparisons but can also assist you in receiving an approval for the loan application if your situation is a little outside the square.
2. Experience Most brokers own their own business and are committed to providing the best possible service to their clients. They generally have many years of industry experience and often have a Diploma in Finance as an industry requirement. Next time you speak to your branch manger, ask them how long they have been helping people with home loans.
3. Complete Offering A Mortgage Choice broker can assist in all types of finance, not just home loans. If you’re looking for specialised assistance with vehicle finance or leasing, personal loans, commercial loans, mortgage protection, building insurance and/or a referral to a financial planner, we can help.
4. Follow Up Following up the progress of your loan application is time consuming and frustrating. A good mortgage broker is familiar with lenders processes, has direct access to the people approving your application and will keep you informed and save you time.
5. Personal Banker Your mortgage broker is in for the long haul. Bank staff often change branches or positions and can be difficult to contact. Your mortgage broker keeps in touch and continues to keep you updated on the home loan market.
If you are currently shopping for a home loan and would like to compare offers, please call Ashley on 0425 826 967 or 9432-2121