Join us for part four of our monthly myth-busting blog series as we address some misconceptions about mortgage brokers.
When researching what people know about mortgage brokers and why they do (or don’t!) use them, we stumbled across the misconception that people think using a mortgage broker will take too much time.
This one really resonated with us, because using a mortgage broker actually SAVES you time. Here are some of the ways a mortgage broker can save you time.
Mortgage brokers can compare hundreds of different loans in minutes
Researching different lenders and loans 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 does the shopping around for you and compares all the different lenders and loans on their panel in minutes, AND explains the differences to you.
Mortgage brokers provide one central, expert point for information
Especially for people new to the property game, buying property and getting a home loan can be a confusing and stressful process. By using a mortgage broker you’ll have one main point of contact for information; someone to explain the process and help you along every step of the way.
Prepare your paperwork so you just need to sign on the dotted line
Mortgage brokers do more than just find you the right loan. They also help complete all the paperwork, from pre-approval to settlement. All you need to do is provide them with your proof of ID, income and other supporting material – a requirement that any lender will have – and a mortgage broker does the rest.
Mortgage brokers can come to your office, home or local café
In today’s busy society it can be hard getting time to do the important things, like get to your bank to talk about home loans. Mortgage brokers are available in and outside of office hours and on weekends, and can meet you at a time and place convenient to you, saving you travel time. Some will even do appointments via Skype or over the phone if you can’t get away.
Liaise with the lender, solicitor and real estate agent
Good mortgage brokers will be involved every step of the way, and liaise with other parties so you don’t need to play middle man. This will alleviate some of the burden and save you time coordinating your settlement!
Explain strategies to help you reduce the term of your loan
A mortgage broker can help you structure your home loan the right way, saving you time not just in getting a home loan but also paying off your mortgage sooner.
Have you used a mortgage broker? Share your experience with us.
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