At Mortgage Broker Melbourne we understand more than most just how one-sided an application can feel. As a borrower, you will undoubtedly need to answer questions, provide documents and offer up a host of information relating to your financial earnings and expenses. This can feel like the success of your application is completely on you, but the reality is actually a little different.
Without people like you, banks and lenders wouldn’t even be in business. They rely on your custom to provide their profits, in the form of interest rates. This in itself should give you back quite a bit of power. To sway things even further in your favour, you could always consider hiring the services of a professional broker.
What are the additional benefits?
All banks will be open and willing to receive mortgage applications from potential customers – in fact this is what thousands of people do each year. Once you’ve submitted your documents, answered their questions and provided the relevant data, your forms will be sent over to a loan officer and they will typically evaluate whether or not you are a viable borrower.
Unfortunately if any issues arise, it won’t be uncommon for the lender to reject an application to safeguard their financial status. If they lend to the wrong person they could end up losing out in the long run, and this is why many banks are introducing stricter policies to ensure that the tendency to lose cash is minimised.
By hiring an expert broker you’ll be taking on the services of a financial professional; one that will be well-versed in the application process.
Many lenders will trust brokers implicitly, in fact some will even extend exclusive discounts; the likes of which they offer to their own clients. This in itself is a huge bonus, especially if it’s a lower rate of interest that you’re after, or a longer repayment schedule. Where solo applicants will have to handle the negotiations and form submissions, a broker will be able to take care of all of these activities.
Furthermore, as they will typically have direct channels to loans officers and other similar agents, they can sometimes fast-track applications, whilst presenting applicants with a greater chance of being approved. As banks will rely on affiliate brokers like us to source them the best types of customers (those with great credit scores), they will be far more likely to approve a mortgage than if the applicant was to put their own case forward.