We know the role of the banker in the home buying process, but many people probably aren’t aware of how useful a broker can be in smoothing the way to their dream home or first investment property.
There are brokers in many industries, and they play an invaluable role as intermediary in financial transactions. When it comes to buying a home or investment property, you can get help from a mortgage broker with your loan at no cost to you.
What does a broker do?
The mortgage broker’s job is to get to know you and your property ownership goals, both now and in the future, so they make sure any decisions you make now won’t hinder you from achieving future plans. They will look at your individual circumstances, compare a wide range of different loans and negotiate with financial institutions on your behalf to secure the most appropriate home loan for you.
They can help you in the buying process from pre-approval right through to settlement of your purchase. A good broker will help you beyond settlement too, for example with other financial products like personal loans, insurance and deposit bonds and keeping you up to date on market changes and ensuring you remain on a competitive interest rate.
Why not just go to a bank?
Going to a bank gets you financial advice and home loan options from that lender only, but you won’t be offered the same variety and choice that a good broker can provide. Mortgage brokers can offer home loans from a range of lenders, often including the big banks, so it’s like having one big search engine to pinpoint the right deal for you and your particular needs.
When do you need a broker?
In the same way you’ll enlist a real estate agent or buyer’s agent to help you find your ideal home, in the right location at the right price, you’ll want the guidance of experts who can help with your financial matters. They can also try to negotiate a better deal on your behalf, which can include waiving fees related to your loan. If you already have a home loan, they can try to negotiate a better deal with your current lender on your behalf or help you find the right home loan when refinancing.
It’s a good idea to visit your broker early in your search or even before you start, so that you have an idea of what to expect in relation to getting a home loan, interest rates and what your borrowing capacity is. This will help guide your decisions when searching for the right property.
Brokers offer more than mortgages, but ultimately they are there to help you find the right deal for your property purchase – whether it’s for a first home, a new home, or for an investment property – and save you money, time and effort in the process.
If you’re planning on buying, speak to an Aussie Mortgage Broker today for help.
Did you use a mortgage broker? How did your broker help you?
