What is a Mortgage Broker?
Finding the right home loan can be a difficult task, especially when there are hundreds of lenders, loans and interest rates to research and compare. Rather than sorting through dozens of potential loans on your own, let a mortgage broker do all the work for you.
A mortgage broker is a type of financial adviser that specialises in helping people select the right home loan for their needs and circumstances. They act as a middle-man between the borrower and the lender, and negotiate on the borrower’s behalf to ensure they get the best deal possible.
The mortgage broker then manages the application process and provides tailored advice all the way to settlement, helping you secure the loan that best fits your financial circumstances.
Picking the right home loan is crucial. It’s essential to have a mortgage broker in your corner, as they have extensive knowledge and experience within the financial industry. Finding a loan by yourself is confusing and time-consuming. It’s best to leave it to the experts.
NO effect on your credit fileWhat do Mortgage Brokers do?
Your mortgage broker will go above and beyond to ensure you find the right home loan that suits your needs. A mortgage broker will:
- Assess your financial situation to get a bigger picture of what you need from a home loan.
- Calculate your borrowing power to see what price range you can afford.
- Your mortgage broker will research and compare hundreds of home loans from a range of lenders, including the big four banks.
- Help negotiate better terms and interest rates.
- Your broker will handle all the paperwork, submit the loan to the lender and keep you regularly updated on the status of your application.
- Give you expert advice and prevent you from making common mortgage mistakes.
- Offer on-going support and yearly loan reviews.
What are the benefits of using a Mortgage Broker?
There are many benefits of using a mortgage broker to help you find a home loan. These benefits are:
- Your mortgage broker will do all the hard work and research for you.
- They are home loan experts and offer advice to those that may not have a strong understanding of the finance industry.
- Quick and easy loan comparisons to a variety of lenders that you may have never heard about.
- No mark on your credit file if your home loan application gets rejected.
- You save time and stress less as your mortgage broker will process all of your paperwork.
- Easy and convenient appointments can be made at a time and place that suits your needs, including after hours and weekends.
- At Australian Lending Centre, we offer a complimentary financial assessment for our home loans and there are no upfront costs until settlement.