Everything You Need to Know About a Mortgage Broker

If you’re currently feeling a little overwhelmed about your mortgage application, you are not alone.

Banks can be shockingly hard to please and with new legislation now in place to test potential borrowers to the max, is it any wonder why so many are struggling to get a home loan?

But if you’re anything like the thousands of applicants that use mortgage brokers each year – you will probably be wondering what all the fuss is about.

What is a Mortgage Broker?

Generally speaking they (or we) are a type of financial expert that offers help, support and guidance when it comes to applying for a mortgage.

They don’t lend money however; what they do is help borrowers, first home buyers and all types of mortgage applicants to get to grips with the varying types of home loans on the market and then hone in on the right type for their needs.

How Do They Do This?

By turning to extensive databases of information, comparing the latest interest rates and evaluating the pros and cons of home loans at their source, they can help a borrower to minimise their stress whist maximising their chances of receiving approval on a mortgage.

In many ways a broker is a middle-person when it comes to applying for a loan. They are unbiased, but work to benefit their client as the borrower – including options to negotiate with banks on behalf of an applicant; making the potential to save money even more prominent.

What Are the Benefits of Hiring a Mortgage Broker?

If the services of a mortgage broker aren’t obvious yet, please allow us to explain further.

Using advanced techniques and effective strategies, a good brokering agent could help a borrower by ensuring that whichever lending option they go for – it is right for their specific needs and financial situation.

So many people dive in at the deep end when it comes to taking out a loan on a home and this is one of the most common mistakes that anyone can make.

Banks might hire friendly faces to work behind desks, but at the end of the day they are only after one thing; and that’s your hard earned money.

The benefit of a broker is that it’s their job to ensure that the deal signed up to by their client is one that is as affordable as it is appealing.

In the most extreme of instances a good broker could help their client to shave thousands off of their mortgage repayments every year – and even in the most minimal sense, the savings could be well worth the effort of hiring them.

There are even options to have your broker look after your needs within a digital environment – allowing you to submit your documents and paperwork online and never have to plan a meeting or a trip to a nearby office.

Are Mortgage Brokers Really Worth Hiring?

If you’re hoping to maximise your potential of being approved on a home loan, a good broker could well be the way to go.

And now you’re probably wondering if we are the right choice for you and if so, why?

Well, we’d hate to try and force your hand when it comes to making a decision – but there is a reason why we’re considered one of the leading mortgage brokering agencies in Melbourne.

We pride ourselves on being able to help our clients, by taking the time to learn about you and what you need from us.

Do you want a cheaper home loan? We can help.

Would you like to re-mortgage and sign up to a more affordable repayment plan? We can assist with that, too.

In fact, we can help first time home buyers, any developer that’s keen to secure the cheapest deal, or even property investors that want to enjoy reduced rates of interest whilst signing up to a beneficial deal to add to their portfolio.

We are here to help today, so why not drop us a quick line and see what we can do for you?