Why would you work with a Mortgage Broker when you are considering to buy property?
Looking for a property, either your new home or an investment property, can be overwhelming. There are quite a few skills you need to make it to the finish line and settle on a property that is right for you. We can mention a lot of hurdles that can be in your way: Auctions, counter offers, misleading ads, unclear building and pest reports to name a few: It can all take its toll. Combine this with finding the best lending deal, negotiating with the bank and then calculating exactly what you can afford, and it’s no wonder house hunting can be such a stressful experience!
But while we can’t control the chaos of the housing market, there are number of ways a mortgage broker can help you take the stress out of the lending part of the deal.
Here are four reasons to work with a mortgage broker:
- Solid advice, explained in a way you understand
A good broker has years in the industry and is experienced in dealing with people with a range of different financial backgrounds. A good Mortgage broker will get to know you, your budget and your financial situation, and will be able to offer you insightful advice about how to go about achieving your financial goals. This advice will also be extended to the property deal you are negotiating, a fantastic way to help you make sure you are making the rights decision.
- Extra bargaining power
Because mortgage brokers negotiate deals every day, they know the best people to talk to to get the best terms, or to get tricky applications across the line. Their independent status means they are able to offer mortgage options from a wide range of banks and lenders. They’re high value customers for banks; giving them extra bargaining power when it comes to negotiating. These things combine to give you a better mortgage rate, or approval on a mortgage application when many lenders seem to be saying no.
- Less work for you
Going around to meet with different banks and lenders is time consuming and frustrating, but driven out of a need to secure the best rate and terms for you. With a broker, they’ll do the legwork – using their connections to bring in a range of offers, and matching you with a lender that suits your financial situation. Your broker works for you, and meeting times will always be at times that suit you. And because the Mortgage Broker discusses your loan with several parties, you only have 1 meeting to find out how things are going.
- Build a lasting relationship
While you won’t be buying a new house every week, it’s likely that you’ll go through the process at least a few times in your life. Along the way it’s unlikely you’ll deal with the same person at banks or other lenders, so you’ll have to re-tell your financial situation over and over again. And you will have to supply your paperwork over and over again. If you’ve built a relationship with a broker over the years – who you trust to deal with the financials – at least one part of the house buying process is simple and straightforward!