Join us for part two of our myth-busting blog series as we address some misconceptions about mortgage brokers.
While it’s true that most people are capable of doing many of the things a mortgage broker will do, the fact is you can’t do everything they do yourself. Also, much of the home loan process can be done quicker or more easily with the free assistance of a mortgage broker.
Here are some key things that you can’t do, or do as easily, without the help of a mortgage broker.
Research in minutes
Researching hundreds of different loans from a range of different lenders takes time, and a lot of it. While online comparison sites can help, you will generally still need to go direct to each lender. A mortgage broker compares all the different lenders on their panel in minutes, saving you time.
Mortgage brokers work daily with many different lenders, so they have inside knowledge on the lending processes, application approval times if you’re working to a tight timeframe, which lenders will negotiate or potentially offer discounts below their advertised rates, and more.
Compare apples with apples
Every lender and loan is unique with different fees, charges, options and features. A broker will explain the differences between loans and help you compare like for like to ensure you’re getting the right deal for you.
A mortgage broker will guide you through the application process including help you complete all the paperwork, from pre-approval to settlement. All you need to do it provide them with your proof of ID, income and expenses and other supporting material and they will do the rest, saving some of the stress.
You might get an expert to help you lodge your tax return so you get the biggest possible amount back, so why not use an expert to help you structure your home loan/s the right way? Mortgage brokers can show you ways to save money or reduce your loan term, e.g. simply by changing your repayments from monthly to fortnightly.
Free RP Data reports
Most mortgage brokers will have access to RP Data and can provide reports on suburbs or specific properties you’re considering for free, helping with your property search and saving you money.
Have you used a mortgage broker? What did you find valuable from the service they provided? Share your experience with us.
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