A mortgage broker is an authorised financial adviser who can guide you through the financing you need to buy a new home, purchase an investment property or upgrade your current property. The broker will assist clients in gathering all the information they need to secure a home loan which best suits their needs and financial capacity. As home loan takes up a fair proportionate of your expenses, seeking professional advice before entering the market is a good way to start as a broker can walk you through all the options available to you and help reduce unnecessary costs. Here are some ways a mortgage broker can help you…
Evaluate your financial situation
A mortgage broker will work closely with you to help evaluate your financial capacity according to your needs and circumstances. Based on the information you have provided, they will work out your creditworthiness and calculate your borrowing power which ultimately determines the type of home loan suitable for you. The amount of loan available is calculated using your income, tax, existing and new commitments, monthly expenditures, and other additional expenses.
Finding the right loan
After assessing your financial situation, your mortgage broker will present you a list of home loan options which they have accessed from a panel of lenders they represent. The broker will guide you through the application process, discuss available options from a slew of banks and credit providers, and inform you the details you need to know regarding the terms and conditions.
The use of a broker is made to be hassle-free, so you can easily compare home loan rates which best match your needs. Your broker is responsible to inform you in regards to mortgage repayments, including upfront, ongoing and hidden costs. Whilst their expertise is available to help you make a wise choice, you have the final say on your decision.
Dealing with the application process
Once you have made a decision on your preferred loan, your mortgage broker will complete all the necessary paperwork and submit the application on your behalf until your loan is approved.
Requesting help from a mortgage broker does come with a few benefits, including helping you to fully understand the terms and conditions associated with the loan, and the ability to negotiate a better home loan deal.
Looking for a home loan? You’re in great hands with MoneyQuest
With a panel of over 30 lenders and over 80 franchises across the country, MoneyQuest allows you to compare hundreds of loans from many different lenders, including those from major banks. Click here to learn more and get a free consultation.
If you’re looking into buying a home and need advice, please do not hesitate to get in touch with our team on 1800 184 284 or book a call for free, expert advice on building the home that’s right for you.