Home Loans Can Be Hard to Navigate – How a Mortgage Broker Can Help
Posted 02.06.2016 in Tips & Hints
In today’s financial climate, securing a home loan can be an overwhelming process whether you’re a seasoned investor or dipping your toe into the property market for the first time. Does your financial situation stack up against the amount you wish to borrow? Does your bank limit you to a narrow range of home loan options? Will your application be approved? When seeking a home loan, there’s a lot more at stake than just borrowing capacity and interest rates. With so many products on the market and factors to consider, home loans can be hard to navigate without a mortgage broker.
The role of mortgage brokers has shown to be of fundamental importance to consumers, with mortgage broker introductions now representing 52.6% of all new residential home loans as a percentage of ABS Housing Finance Commitments. In fact, mortgage brokers originated at least $49.5 billion of new home loans during the September 2015 quarter, a significantly higher figure than the $41.3 billion originated in the previous September quarter. With statistics on the rise, its evident consumers are choosing to partner with a mortgage broker more often than walking into a traditional lender.
The Benefits of Mortgage Brokers
In simple terms, a mortgage broker will identify a home loan within their panel of lenders that suits your personal circumstances. However, the benefits a mortgage broker can offer in comparison to a bank are much more extensive and far-reaching.
- Research and Legwork: A mortgage broker will oversee the entire application process on your behalf. With access to many lenders, they’ll explore potential home loan options in alignment with your financial circumstances, requirements and objectives and will complete necessary paperwork, source pre-approval, and keep you up to date with the progress of your application.
- Experience & Advice: Mortgage brokers are equipped with the knowledge and expertise to ensure you have the best possible chance of success. With access to quick and easy home loan comparisons they can swiftly assess your requirements and objectives, establish your borrowing capacity, and understand how your application should be presented to the lender based on your unique financial circumstances. They’ll be able to explain the variables of each home loan option – the ability to make extra repayments, access to an offset account, etc – factors that could have a crucial impact on the long term performance of your home loan.
- Convenient and Accessible: Making an appointment with a lending manager can be inflexible and inconvenient. Mortgage brokers can offer a greater level of flexibility, often working around times that suits their clients and take into account their work and family situations.
- No Charge Service: Mortgage Brokers offer a comprehensive service typically at no price to the consumer. Their fees and commissions are generally earned from the lender they team with, not paid by their clients.
Save Time and Money with the Right Mortgage Broker
When you partner with a mortgage broker to navigate your home loan, you’re not just saving time but potentially saving money. No one understands this better than Melbourne boutique mortgage broker, Picket Fence Finance, whose client-centered approach, superior product knowledge, and access to over twenty lenders has seen them successfully match hundreds of clients to the right home loan.
With relationship management at the forefront of every aspect of their business, Picket Fence Finance takes the time to understand your unique financial circumstances, looking at the home loan from your point of view.
Preferring to focus their brokering expertise solely on home loans and commercial finance, Picket Fence Finance’s specialised service doesn’t end at settlement. Their client journey is long-term and personalised, offering regular loan reviews to reassess client’s circumstances and ensure they still have the right loan to maximise their savings.
A mortgage broker can take the time and stress out of dealing with the lenders when you’re looking for a home loan, freeing you up to find the property of your dreams. For more information about the benefits a mortgage broker can offer, or to find the right home loan for you, call mortgage specialists, Picket Fence Finance on (03) 9696 3007.
Picket Fence Finance Pty Ltd ABN 71 148 870 875 | Credit Representative 411186 is authorised under Australian Credit Licence 389328
Your full financial situation would need to be reviewed prior to acceptance of any offer or product.
Sources Researched / Cited
