There are early indications that the housing market in Australia is slowly picking up in the wake of the COVID-19 pandemic as consumer confidence begins to rise.
With everything else going on around us at present, moving home can become even more of a stressful time, making it more important than ever to hire an experienced mortgage broker in Melbourne.
Let’s look at the following 7 reasons why their contact details should be at the top of your “to-do” list when considering a move.
Even if you had arranged a mortgage previously, the offer and choice will have changed, and you don’t have time to review all the options yourself.
The pressures of securing a loan are high, so accessing lenders’ information and arranging appointments is a time you cannot afford.
Your mortgage broker, however, will have experience in accessing a range of HECM lenders, as well as understanding where the delays come in and will prioritize their time to ensure you get a speedier service.
Taking the Load Off Your Shoulders
The mortgage brokers will spend time with you to review your requirements and financial situation.
Then you can concentrate on more important areas of your life whilst they compare the best home loan available for your need.
Any financial options that would not be suitable for the property you want to buy or the budget you have to pay back the loan, will be reviewed by your broker.
This means you don’t end up searching through mortgage packages and waste your time with applications that are not going to be successful from the outset.
A Range of Options
Going to a bank means you are offered the options from the portfolio managed by the bank and you could be missing out on a mortgage that would be better suited to your personal circumstances.
Hiring a mortgage broker means access to a range of opportunities from many different lenders without having to put in the legwork yourself.
They Act in Your Best Interests
A licensed mortgage broker is subject to a number of rules and regulations about how they operate.
From 1 January 2021, new regulations come into effect so they have to act in the best interests of the consumer if there is a conflict between the lender the broker works for and the needs of the client.
They Speak Your Language
If the financial aspects of buying a home is new to you or you find yourself getting bogged down in all the legal terminology and jargon, then help is at hand from your mortgage broker.
Brokerage services employ staff who can explain in layman terms exactly what is involved in the home buying and mortgage process.
If you are self-employed or working as a contractor, this will make your loan application more complex than a salaried person. The broker can offer clear advice about how to navigate each step of the process.
They Offer Value for Money
When every cent and dollar count as you review your budget ready to buy your own property, then you don’t want to spend large amounts on fees for professional services if you can help it.
Mortgage brokers will explain any costs and fees upfront but in a number of cases, they can be free to use for those who are borrowing money because they charge the lenders a commission fee.
They Can Help With the Application Process
A loan application can be an onerous process and if you do not complete the application correctly, it will reduce any chance of success.
Mortgage brokers have the knowledge and experience of what is required by lenders of the borrower and can assist you with getting together all the relevant financial information needed.
They will spend time with you pulling together all the information about your needs and requirements.
They assess your financial situation in order to present an overview of your borrowing capacity and whether you are creditworthy.
Once they have identified suitable products, they may also then help out with the application process.
All in all, hiring a mortgage broker makes sound financial sense, helps free up your time and energy to focus on the important job of ensuring you are able to buy the property of your dreams.
Contact the professionals and start planning your next move today.
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