[3 min Wed finance series] Mortgage Broker or Bank?

When you’re looking for a home loan, you could go to a mortgage broker or to a bank. While a bank will only offer you its own products, a mortgage broker is an industry expert who will take the guesswork out of finding the mortgage or finance product that suits you and your needs.

It’s understandable that mortgage brokers are now the number one choice for one in every two consumers who are seeking a home loan or to refinance an existing loan. Businesses are also engaging mortgage brokers to help them with their finance needs from car and equipment leasing to loans to help their businesses expand.

So what can a Mortgage Broker do for you?

1. The leg-work

Mortgage Brokers already know the industry, the lenders, their products and their requirements, saving you a lot of time and energy on research. They will also put the time into finding out about your particular credit situation and have a wealth of experience to draw on to help you simplify it.

2. Translate industry jargon

Mortgage Brokers are able to make sense of what the loan documents and lenders are saying – put it into lay-person’s language, so to speak.

3. Assist to get you what you want

Brokers will determine your borrowing needs and fiscal ability, and choose the best product to suit your requirements.

4. Give you a broader choice

Being brokers, we have a larger selection of loan products. While a bank can only offer you its own products, brokers can help you choose from a selection of loans provided by different lenders.

5. Help you compare apples, oranges and the whole fruit basket

Mortgage Brokers have the knowledge and tools to compare hundreds of products and you get the right loan for your circumstances and needs.

6. Find you a good deal

Loan providers are always spruiking a special deal or two, and these could make a big difference to your repayments or success rate. A credit adviser will know which of the deals on the market at the moment is right for you.

7. Act as your advocate

A good Mortgage Broker wants the best for you as the client. They will be your cheer squad, middle-man, team player and coach throughout the process.

8. They’re in it for the long haul

A Mortgage Broker won’t just love you and leave you – they will oversee and manage on your behalf the loan’s progression right through to the end. By the way, ‘the end’ isn’t when you sign the documents and buy your property; you can expect your brokers to keep track of you and your changing needs, helping you should you need to switch products or wish to purchase another property,

David is a MFAA-accredited mortgage broker. The Mortgage & Finance Association of Australia (MFAA) is the peak national body representing professional Mortgage Brokers across Australia, and all members must adhere to professional developments standards and a stringent code of conduct.

Contact us today to find out how we can help address your finance & property needs.

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