It doesn’t matter if you’re buying your first home or tenth home, I see people pondering the same question every time… Do we really need a mortgage broker?
To help you decide, let’s go back to basics!
What is a Mortgage Broker?
A mortgage broker is a firm or an individual that acts as an intermediary between the lender (usually a bank) and the borrower (you). Their service is to secure the best home loan deal for you when you are purchasing a property.
What do Mortgage Brokers do?
Mortgage Brokers do all the “leg work” of getting a home loan for you. They compare the offers of multiple lenders to ensure you get the best interest rate and best deal to suit your needs. Since mortgage brokers already have a relationship with multiple lenders, they also know which ones are more likely to approve your loan based on your income and expenses. This is key as declined finance approvals can be kept on your record for other lenders to see in future.
How can a Mortgage Broker help us?
The Mortgage Broker’s job is to act on your behalf to compare several lenders offerings with competitive interest rates to offer you the home loan that best suits your needs. They will advise you exactly what information you need to provide to the lender and they will review this to ensure your application has everything the lender needs to see. In short, mortgage brokers can save you loads of time, find you the best deal and help get your home loan approved!
How much will a Mortgage Broker cost?
When it comes to cost, there are two types of mortgage brokers: Those that charge a fee & those that don’t charge a fee. All Mortgage Brokers are paid a commission by the lender you go with for your home loan, this is how mortgage brokers make their money.
Call us on 1800 3 PEASY or visit our website at https://peasy.com.au