Why choose a Mortgage Broker?
Navigating the home loan market can be difficult. With a myriad of lenders to choose from, it can be difficult to be certain you are getting the best deal. A Mortgage Broker takes the leg work out of finding the best deal to suit your needs & can help you sort through all the lenders in the market.
What does a Mortgage Broker do?
Simply put, a mortgage broker is a middleman working with a borrower and a lender while qualifying the borrower for a mortgage.
Brokers perform a number of tasks, from the moment you first seek them out until you are awarded your mortgage.
Firstly, a mortgage broker is responsible for assessing your situation and your creditworthiness. This will help them to develop a better picture of your chances of qualifying for a home loan. This assessment will also cover your income and ability to repay a mortgage.
Next, a mortgage broker will take your information and work to find a loan that meets your needs as closely as possible. Most brokers have access to vast databases of information on available lenders, allowing them to research your options quickly and effectively.
Brokers can also provide guidance throughout the entire process. If you have questions about your mortgage options, contacting a broker can be very effective.
The advantages of using a Mortgage Broker
Mortgage Brokers have access & understanding of over 20 lender policies, they can find a loan for a client suitable to the individual circumstances without the client needing to meet multiple banks. More importantly, brokers are not aligned to any one bank and work more as an agent for the client rather than the bank itself. Additionally, a good broker is well practiced at finding the best deals.
How much do I pay to use a Mortgage Broker?
Many clients assume they will pay more through a broker, or that a broker will try to sell them on a higher rate in order to make a bigger commission, this is not the case. You won’t pay more through a broker, in fact you often pay less. A broker isn’t paid more if the rate is higher and it is in the brokers best interest to get the best deal possible for the clients.
Mortgage brokers make their money by charging the lender an origination fee once your loan is settled. At Mortgage Choice, there are no upfront fees payable to the broker by the client. More importantly at Mortgage Choice the brokers are paid the same fee no matter which lender they use, therefore there is no biased lender selection and the broker is purely matching the best lender to your needs.
If you are looking for a home loan the benefits of using a Mortgage Broker are great. Speak to Kate Kustreba on 0416 197 124 and let her find the best deal for you.