Clients often are uncertain about the benefit of a Mortgage Broker or going direct to a bank. Below are some benefits worth considering.
- Mortgage Brokers have access to a number of different lenders;
- They can provide more options for loans than any one bank;
- They are 100% interested in getting the best deal for their clients, not the lender;
- They do all the hard work. They find the right deal, prepare the paperwork and manage the loan application for you; and
- They constantly keep you up to speed on the progress of your application.
1. How Does Using a Mortgage Broker Save You Money?
There is a natural tendency to borrow from the bank that has your savings account without considering other options. The lending industry is very competitive and many lenders hungry for your business. Getting the best deal is about the rate, the overall fees and the flexibility for the loan to meet your future financial and investment needs. Finance Specialists are always up to date with new products, deals available and incentives provided by all lenders. They are also aware of any negative costs associated with specific products at any one time. This expertise provides savings to our clients as we find the right deal for you. Over time these savings, can result in significant financial benefit to you.
2. How Do Mortgage Brokers Help Get My Loan Approved?
How your loan is presented matters and so does the lender we select for your specific loan. The same loan presented differently can be approved or declined. A Finance Specialist knows what it takes to get your loan application approved by the right lender. If necessary, they will work with you and offer suggestions of what could be done to improve your financial position prior to applying for a loan. Any potential deterrents to approval are identified and discussed with options provided to remove them.
3. How much can I borrow?
Often this is the first question we are asked. Your Finance Specialists can help you work out how much you can borrow. Often, the answer can differ by lender as their policies differ greatly. They will provide you with multiple options available and explain the differences, so that you can make an informed decision.
4. What is a Pre-Approval?
A pre-approval provides clients an indication of the maximum amount of money that a lender will allow you to borrow. A pre-approval provides comfort of what you can borrow and allows you to negotiate your dream home with confidence. Pre-approvals are generally limited to timeframes but can be extended. Online pre-approvals are generally only indicative. Your Mortgage Broker can arrange a pre-approval for you at no cost.
5. Can I be confident that they will do everything possible to secure a loan?
The lending industry is complex which changes daily as individual lenders modify their lending policies and their appetite for specific types of loans. At times, circumstances surrounding a specific client can add difficulty and complexity to your loan. This requires expertise to identify the right lender and product specifically for your property and your loan. This takes time and experience. You can trust that your Mortgage Broker will work effortlessly for you, no matter how complex the deal is, providing the deal is possible.
6. How Does a Mortgage Broker Get Paid?
A Mortgage Broker will receive a commission from the lender once the loan has been drawn. This is the case for 95% of our loans. In specific situations, depending on the size of the loan, the term of the loan and the complexity of the loan, you may be charged with a fee for service, however this is rare, and it will always be disclosed to you up front.
7. How Does Brisbane Home Loans Assist First Home Buyers?
Buying your first home can be exciting, complex, and terrifying at the same time. Our finance specialists here at Brisbane Home Loans provide First Home Buyers guidance and support in their journey. We help in identifying strategies for savings a deposit and understanding the options available to you as a First Home Buyers, through grants, superannuation savings and deposit guarantees that will assist you.
Take a look at how we’ve helped First Home Buyers all around Brisbane achieve their dream of homeownership.
Get a specialist on your side! Contact us using the form below, and we can chat to you about your options and set you on the right path for you home loan.