Importance of using a Mortgage Broker and their services

Making use of a mortgage broker’s service is beneficial to you in that you will receive a professional service, deal with someone who is knowledgeable in loan structuring, serviceability factors and bank policy. With this knowledge you can receive an informed opinion as to the most suitable loan product for you within the lending market, as well as assist in the entire loan process, saving you time and potentially money. Quite simply, if you walk into a bank and ask for the best loan, will they tell you their competitor provides a better deal?

A mortgage broker’s ultimate goal is to find the most competitive product which is most suitable for you. The focus isn’t upon what is good for the bank, but providing you with the most suitable loan product option available. You will also find that a broker is able to provide their services remotely, this means even if in another state you can still receive the professional service.

Costs Involved

A mortgage broker is there as a friend to you and your family, looking out for your best interests when it comes to finance whether it be for a home loan, car loan or a personal loan. As part of looking out for your best interests, any finance broker will generally provide their services free of charge to you unless in the off case where the situation and the purchase might be on the complex side however the fees payable for services will be outlined prior to proceeding with any authorisation to be signed off by yourself. Mortgage brokers are remunerated from commissions from the bank in which the loans are written. All commissions and payments are transparently disclosed to customers prior to any decisions being made. Whilst brokers are remunerated by the lenders, they do not work for the banks, they work for you. The cost of a mortgage broker will depend on the market they’re in – so it’s always best to double check before engaging with your chosen broken.

Depth of Advice

If you decide to talk to a qualified mortgage broker you are in good hands, one advantage of a finance broker is they will have access to many different lenders within their accredited lending panel. This is beneficial for you as the client as your finance broker will have a variety of lenders they will be able to compare to ensure the most suitable loan products are taken into consideration and the most suitable product is chosen to suit your situation.

Mortgage Brokers are able to provide advice in regards to debt structuring and also lending advice. As a matter of legal and regulatory matters, they are unable to provide taxation or investment advice. They can however refer you to Accounting and Financial Planning services which can fulfill these needs for you. In many cases combining the services of a mortgage broker with these professions can result in more effective delivery of services and benefit to you as the client.

If you would like a free review of your situation and would like to know information about a mortgage brokers services or would like a no obligation free review, please don’t hesitate to get in touch with your mortgage broker Gerry today and we can talk further about should there be any questions/queries you may have.