Buying a new house, whether it’s your first or your tenth, isn’t always an easy task. There are so many time-consuming activities you need to keep on top of, including monitoring property listings, attending open houses and – importantly – getting your finances in order.
In today’s competitive housing market there are lots of bank and non-bank lenders competing for your business. A mortgage broker can save you time and money when you’re hunting for the best home loan for your new property: Brokers are able to simplify the home loan selection and application process for you.
Here are five ways a mortgage broker can help you.
1. Doing the legwork for you
Mortgage brokers deal with many lenders and loan types, so their experience can save you time and effort in the early stages of the loan process. A broker can do the research for you to narrow down your options so you can be confident you’re making the right choice. While you’ll still need to research the options the broker presents to you, the amount of work is considerably smaller with the help of a broker.
2. Helping you find the right loan for you
With so many options available from so many different lenders, it can be hard to know which products are right for you. Mortgage brokers have wide experience with home loan products, and are familiar with a wide range of loan types, terms and conditions, and fee structures across a range of lenders.
Once a broker learns about your financial situation and the type of property you’re looking for, they assess the loans market to find the home loan to suit you, which is not always as straightforward as simply selecting the lowest rate.
3. Simplifying the loan application process
Having a broker assist you with your application can improve your chances of loan approval, as they can help you with the document requirements and answer any questions you might have. This is something a broker goes through with every client, so they’re familiar with what’s involved – they’ll help you make sure you have everything in order, which will streamline the loan process. A declined loan application may appear on your credit report for up to five years and may make future loan applications more difficult, so you’ll want to avoid this.
4. Providing a wealth of knowledge and information
If you’re buying a home for the first time, a mortgage broker can talk you through the basics of home loans and the factors you might not have considered. They can give you tailored advice that can help you achieve future goals, needs and objectives. Your broker will be able to explain anything you might not understand.
Make sure you discuss your decision with your broker thoroughly to make sure you understand your loan inside and out. This way your broker can help you avoid any surprises that may come up during the life of your loan, such as when variable interest rates change or if you receive extra charges for repaying your home loan early.
5. Catering to your needs
If your financial situation differs slightly from the norm – for instance, you’re self-employed or have a deposit of less than 10% – a broker can work with you to find a suitable loan for you. Brokers have close relationships with mortgage lenders across the industry and they can use those relationships to make sure your needs and objectives are met, even if your situation is unusual.
Get the right advice
If you’re thinking about buying a home, Choice Home Loans can help find the right broker for you. Our experienced brokers can talk you through the best home loan options for your personal circumstances and take the hassle out of the home loan process. Make an enquiry online to talk to one of our friendly staff today.
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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).