How mortgage brokers help find the right loan for you
Fri Sep 30 00:00:00 AEST 2016
Mortgage brokers take the hard work out of home loan comparisons by finding the right lenders for your financial needs. If you’ve ever been curious about how mortgage brokers put together home loan comparisons, here is a breakdown of some of the factors that mortgage brokers consider when gathering loan options for clients like you.
The big picture
Choice Home Loans mortgage brokers start by looking at the big picture. Their first step is to try to understand your needs and objectives as well as your financial situation. What are you trying to do with the loan? Ideally how long would it take you to pay it off? Do you have any other financial obligations? Is the loan suitable?
There are lots of loans from a wide range of lenders that suit clients. The more the broker understands about you, the better they’ll be able to find you the right loan.
Interest rates still a good indicator
Interest rates, while not the only difference between home loans, still play a large part in a mortgage broker’s decision making. Brokers know that their clients often glance at home loan comparisons and use the interest rates as a marker for the best loan for them.
But they also know there’s more to the loan than the just the interest rate. Looking beyond the rate may help save you money and time over the life of your loan.
Home loan features
Lenders may offer additonal features that come with choosing their home loans, such as offset accounts, credit or debit cards, and loyalty program benefits. These features might make it easier to pay off your loan faster, streamline your bank accounts, and manage your finances. Also, brokers are sometimes able to negotiate better rates and lower fees than the lenders advertise.
Depending on your individual circumstances, some home loan features will suit you more than others.
Customer service matters
Customer service from a lender can be an incredibly important part of a loan. Especially if your financial circumstances change and you need to refinance your loan. Your broker will usually know which lenders offer great service, and which lenders are harder to get hold of if circumstances change.
Deals and developments
At times certain lenders will offer limited-time rate discounts or special deals for certain types of loans (investment property, new developments, etc.). Good mortgage brokers will know who is offering these deals and will often include them in their selection of home loans.
There are a number of factors that affect which home loans brokers present to their clients. Understanding their client’s needs and objectives is the most beneficial way to provide them with home loan comparisons that will suit them.
Get the right advice
If you’d like to review a set of loans chosen to match your situation, speak to a Choice Home Loans mortgage broker. Your mortgage broker can go through loan options with you to help get you on your way to owning your next property.
Contact a Choice Home Loans broker
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This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the articles is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).