When buying a house, the biggest challenge should be deciding which one. Paper work, confusing advice and countless loan comparisons will only add to the burden of what should be an exciting process.
When you make the big decision to buy, you will be faced with two options – deal with the banks and other lenders directly or talk to a mortgage adviser and let them do the hard work for you.
What is a mortgage adviser / broker?
The mortgage adviser is essentially the middleman between the borrower (home owner) and the banks or mortgage lender. The change in name highlights the role they play in providing their clients with the right advice and not just the right products at the right price – although we do that too. A mortgage adviser uses their years’ experience in the industry and connections with financial institutions to offer help you find a mortgage that is right by you. A mortgage adviser is not compulsory, but during a significant milestone in life, why wouldn’t you let the professional do the hard work for you?
Industry experts
Firstly, let’s assume that not everyone has years’ experience or the time to read and track the property market. Mortgage advisers will be up to date with the latest rates, developments and application processes. They have regular communication with a variety of lenders and build ongoing relationships to maintain the best deals. Mortgage advisers deal with home loans day in, day out so can detect onerous clauses in a contract with their eyes closed. A good mortgage adviser will decipher the small print so you don’t get any nasty surprises.
The right home loan for you
Your mortgage adviser will take the time out to get to know you and your current financial situation, as well as your future plans. After a careful analysis of your income, assets and credit reports, your mortgage adviser will do the shopping around to research the best options available to you based on your personal needs now and in the future.
Shop around for the best rates
The key advantage of a mortgage adviser is that they work on behalf of the borrower to find the best rates available. They will have access to special rates from lenders due to the volume of business generated and can simultaneously find the lowest rate/loan programs across multiple lenders and are not restricted to corresponding rates from one bank. You will have more options for a better deal.
Building relationships
As well as building a strong and ongoing relationship with the borrower, the lenders think we’re pretty trustworthy too. That’s why our input will speed up the application process and boost your chances of securing a home loan.
As mentioned before, it is not compulsory to use a mortgage adviser, but expert advice and access to the best deals available sounds like a good deal.
If you would like to receive expert advice and get the best deal on your home loan, contact The Mortgage Supply today.
