If you’re thinking about applying for a home loan, you might be feeling a little bit nervous about the application process. Considering the amount of hoops you need to jump through, such as finding the right lender, preparing documents and finances, getting approval, reviewing and signing more documents and finalising transactions (and that’s if you get approved!), it stands to reason that some guidance would be beneficial. When you choose a mortgage broker, you’re choosing someone who not only has a deep knowledge of the lending industry but someone who understands the complex lending policies and processes. However, if you’re still not sure of the benefits of using a mortgage broker, we’ve compiled our top reasons of ‘the advantages of using a mortgage broker’ below for you to check out.
The Advantages of Using a Mortgage Broker
What are the benefits of using a mortgage broker?
Brokers do all the hard work for you
Not only can a mortgage broker source the right loan for your needs, but they can also offer support with the documentation and approval process too. This makes a mortgage broker ideal for people who are time poor, as the process to apply for a loan can be very time consuming and costly. Some mortgage brokers will even offer their services after work or on the weekends, for extra convenience for you.
A broker can find you the best deal
One of the biggest advantages of using a mortgage broker is that a broker has access to a wide network of lenders to choose from, which vastly increases your chances of finding the right lender. A mortgage broker will go through their resources to choose a lender most suited to your circumstances, and more likely to approve your loan request. This includes finding a lender with the lowest possible interest rate, or one willing to offer low doc home loans. Instead of wasting time looking for lending options yourself, a mortgage broker will assess your situation and find a lender most suitable to your needs.
Mortgage brokers are free
At the end of the day, one of the biggest benefits of using a mortgage broker is that they’re free. Unlike the UK or US, mortgage brokers offer their services free of charge in Australia, as they receive referral fees from the financial institutions. This means, the whole process of applying for a loan is not only quicker, easier, and more likely to succeed, but at no cost to you.
A mortgage broker can help you secure a non traditional loan
If you’re trying to secure a bad credit loan or a low doc loan, you might have trouble getting a bank to agree. A good mortgage broker has extensive experience dealing with non traditional loans and will have access to a pool of lenders who may be sympathetic of your situation and offer a solution. Mortgage brokers can take a deep dive into your financial background and offer advice on how you can become a desirable candidate for a home loan.
Home loan advice
We hope our article on the ‘advantages of using a mortgage broker’ has provided some guidance. If you’re looking for a home loan we offer mortgage brokerage services Brisbane and Gold Coast wide for home loans, low doc loans, bad credit loans and more. Whether you’re a first home buyer, property developer or business owner, we have loans tailored to your needs. Get in touch by calling us 0404 403 066 to find out how we can help you today.