Approaching a bank with the intention of applying for a mortgage can be quite an intimidating task, especially with the variety of documentation, records and other formal paperwork that needs to be submitted. A lender won’t just want to know about the applicant’s financial history; they will also want to work out the likelihood of them being able to meet their repayments in the future – and this can involve a range of checks and investigations that can take weeks, if not months, to complete.
One sure-fire way to minimise all of the above stresses and more is by hiring the services of an expert broker, but why use a mortgage broker in the first place?
A direct channel for applications
Where regular members of the public will typically be required to undertake the usual paths associated with mortgage applications (such as booking a meeting, discussing options and so on), brokers are often able to bypass these necessities. Some will have developed relationships with lenders over the years, so they will be far more likely to be able to take a client’s application to the top rungs of the ladder – eliminating the need to work through the process.
The time saving potential
By being able to cut out unnecessary tasks and fast track the submission of an application, a good broker could reduce the overall time of the processes involved. This can be a huge benefit to a new home buyer hoping to obtain approval as quickly as possible, so that they can proceed with their property buying plans. As the broker will also be able to submit all documentation on behalf of their client, the only thing that the applicant will need to do is to prepare the paperwork ahead of time.
Finding the cheapest prices
Different lenders usually offer varying rates and this is one of the most challenging things to get on top of when applying for a home loan personally. A broker will be able to help by collating a range of rates and terms, before presenting their results to the client. If an ideal option isn’t discovered, then the broker can go even further by negotiating fresh terms with the potential lender – terms that will better suit the applicant’s financial needs.
These are just a few of the main reasons why so many people choose to hire the services of a mortgage broker. The real benefits can only be understood once the services of one of these financial experts have been taken on – and with so many thousands of people within Australia turning to them each year, there’s really no harm in approaching one to see just how beneficial they could be to a home loan application.