Benefits of using a mortgage broker to source your home loan
Using a mortgage broker to help you to find your home loan offers a variety of benefits, some of which you might never have thought about before. We outline the major benefits below.
Mortgage brokers are generally willing to make appointments at the time and place that’s convenient for you, including after work hours or on weekends. This can be a huge benefit if you’re time-poor or have work or family commitments to consider.
Brokers do the legwork
Your mortgage broker will do all the legwork in finding the right home loan for your needs and support you throughout the entire application and settlement process, including doing all the paperwork, sourcing pre-approval, helping you to apply for any government grants or incentives that you may be eligible for, and keeping you up to date with the progress of your application. This frees you up to stay focused on finding your ideal home – a time consuming task in itself!
Quick and easy loan comparisons
Going straight to your current bank limits you to a very narrow range of potential home loans, but researching of all the options would take a very long time to complete on your own. A mortgage broker who takes the time to explore your individual circumstances and goals, and who has access to a variety of loans and lenders, can quickly identify the right options for your needs.
Home loans are so much more than just interest rates. A mortgage broker can explain the various subtleties of different loans which can make a big difference to the bottom line. Factors such as the ability to make extra repayments or having access to a loan offset account may end up being crucial factors in your selection process. Having someone to take you through the pros and cons of different options can be extremely valuable in ensuring you end up with the right home loan.
Mortgage brokers also have real feedback from other clients on how various home loans have performed, giving them additional insight into how various loans are likely to perform for you.
Something to keep in mind is that every time you apply for a home loan and are turned down, no matter what the reason, it leaves a mark on your credit history. Mortgage brokers use specialised software to access the latest loan information across a range of lenders and match this against your individual situation and goals. It becomes clear very quickly what your borrowing power really is, and which lenders are the most likely to be willing to lend you the money you're looking for. This helps you to identify which lenders your application is most likely to be successful with and reduces the chance that you’ll be turned down numerous times.
No charge for our home loan service
While it's not always the case, many mortgage brokers (including Mortgage Choice brokers) can offer their home loan service free of charge to their clients because the lenders pay a commission when the loan is settled. This means you can tap into all of the benefits listed above at no cost to you.