Mortgage Broker – When Do You Need One?
Just as you would visit a real estate agent if you were looking to buy or sell a property, it makes sense for you to engage a mortgage broker if you are looking to borrow funds for the purchase of the home. While a mortgage broker is a specialist in their field, it is difficult for the average borrower to become an expert during the home loan comparison process, and whether you are going through the process for the first time or the fifth time, when you are considering applying for a new loan or refinancing an existing loan, you can benefit from the help of a mortgage broker.
eChoice Home Loan Comparison Service
Your mortgage broker can help you with every stage of the home buying process, answering your questions, assessing your liability and helping you choose the right loan for your needs. At eChoice you can also compare hundreds of loans, from over 30 different lenders, all in one place.
- Your personal home loan manager complements their years of experience and training with state of the art technology to perfectly match you to the right loan.
- A mortgage broker will offer you unbiased and comprehensive advice.
- Interest Rate of 6.55%
- Comparison Rate of 6.55%
- Application Fee of $0
- Maximum LVR With LMI: 90%
- Minimum Borrowing: $0
- Maximum Borrowing: $0
Why Do You Need a Mortgage Broker?
Mortgage brokers are necessary to make sure you get the right home loan to best fit in with your specific financial circumstances, firstly because it is extremely confusing for the lay person to sift their way through the number of differing home loans on offer by dozens of bank and non-bank lenders, and secondly because of the time it will take to work your way through such a maze of offers. Home loans have become a diverse and specialised area and for this reason it is best left to the specialists to deal with it.
Plus, the services of a mortgage broker won’t usually cost you anything either, as many mortgage brokers will not charge you for the service they perform, because they receive sufficient remuneration from the lender you choose. Other brokers will charge a fee for matching you to a home loan, because they prefer to remain disconnected from all mortgage providers to ensure they are able to offer truly unbiased advice. You should base your decision on the best mortgage broker structure for you, on who will provide you with the best service.
A mortgage broker has close professional relationships within a range of financial organisations that they have assessed and added to their panel of lenders. These lenders all regularly keep the mortgage broker informed of any changes to their loans, such as interest rates, benefits or options. This means your mortgage broker will be up to speed on everything that is happening in the mortgage industry; an important factor when change is constant, and innovative improvements are being made to the various home loan offers on an ongoing basis.
Mortgage brokers will also know which lender is most likely to accept your application. For example, some lenders specialise in reverse mortgages, others in first home buyers and others in offering finance to the self employed or small businessperson and when your loan is approved the first time, you’re on your way to home ownership sooner, and you don’t have a mortgage application rejection added to your credit report.
Mortgage Broker Services
Due to a mortgage broker’s close association with the mortgage industry, there are many deals that only a mortgage broker can offer. Where a certain lender may advertise a home loan that may appeal to you, it often happens that a mortgage broker can squeeze out an even better deal than individual borrowers would get if they went straight to the lender.
Just as there are a myriad of home loans to suit all manner of situations, there are also many mortgage brokers who make their living by sifting through all these home loans in order to find the right one to suit the needs of their clients. It can sometimes be difficult to settle on the right mortgage broker who is going to find you the right loan, therefore spend some time discussing services, practices and experience with the mortgage broker, to make sure you feel comfortable with them working on your behalf.
If you are a first home buyer, your mortgage broker will also be able to help you with completing the First Home Owners Grant application, and will forward it with all the necessary supporting documents to the appropriate authority on your behalf. If you allow your mortgage broker to handle this paperwork, you can expect to have the grant money approved by the time of settlement, when you can put it to good use. Or, if you are retired and want to access the benefits of a reverse mortgage you will need to engage a completely different specialist broker.
Choosing the right mortgage broker should be done with care, because you are trusting them with your home loan decision. Therefore, compare mortgage brokers in your area now, to create a shortlist of home loan services.
Related posts:
- Mortgage Brokers Disadvantages
- Mortgage Brokers in Perth 6000 – Western Australia
- Home Loan Preapproval
- Mortgage Brokers in Darwin 0800 – Northern Territory
- Homeside Mortgage Broker
- eChoice Home Loans
- Tools: Questions to Ask Your Mortgage Provider
- Choicelend Home Loans
- Mortgage Brokers in Canberra 2600 – Australian Capital Territory
- Adelaide Mortgage Brokers – How A Mortgage Broker Can Help You Get A Home Loan Even With Bad Credit
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
Ask A Question