From experience and asking a lot of clients one of the questions that might seem taboo is “Why do I need a mortgage broker in the first place?” Well there are many reasons why a mortgage broker can help.
Firstly, we are in touch with lending all day every day. Just like when you are sick you go to a doctor to get them to use their expertise to help diagnose and prescribe a solution for you. The doctor is your trusted advisor and you will follow their advice. Similarly with finance this is exactly what a mortgage broker can be. As we deal with changes with the banks on a daily basis we are much more in tune with which banks are offering which solutions, what rates and features are good for your situation as well as which banks are more likely to accept your application.
A good mortgage broker is a policy expert across multiple lenders. Life happens and we know this all to well. But one of the benefits of a broker is that we can help you out. All you have to do is be honest. Asking questions and getting honest answers allows us to quickly determine which banks will be more likely to help you out because different lenders have different appetites towards loaning you the money. There are lenders out there to fit with most circumstances no matter how different. Stressing the importance of honest answers as this will overall help to determine where we can go and can save us both a lot of time and stress.
Strength in numbers, because brokers put a lot of lending through the banks they can sometimes secure more than the average person. There are lenders who put out special offers to brokers as well. But it is important to get a broker who will search through the loans to find one thats suitable for you.
Banks can only offer you what they can offer you. Just like with the rise of gas and electricity comparison sites a mortgage broker can offer you what your current bank can’t… variety. Don’t blame your bank for this. They will always do their best to get you on a suitable offer at the time of applying but how many years have you been with them without review? A review with a broker might mean that you can even stay with your bank but re-negotiate a better rate.
Relationships, as a broker I value a relationship with a client more than anything. I want to be the broker for your family. For all things finance and it is up to me to review with you more often than your bank can to ensure that I am doing the right thing by you and to make sure that your hard earned money is working in the best way that it can.
If you would like any help or have had your head in the sand about rates and repayments then NOW is the time to book an appointment. Obviously home loans are not the first thing you think about when you get home after work and want to relax. But the process is much easier than you might think and at the end of the day is a 30 minute conversation can potentially save you thousands of dollars then it might just be worth picking up the phone (just be sure to tell all of your friends when that has happened!)