Mortgage Brokers are walking talking mortgage and housing encyclopaedias. Good Mortgage Brokers are educated in the arts of property buying, loan products, banking rates, financial assessment, and current housing trends, to name a few. They also help you assess your current financial position and your capacity to acquire a property and most importantly the ability to maintain it moving forward.
“What do mortgage brokers do?”
In the process of acquiring the help of a Mortgage Broker, you are actually getting a hands on professional perspective on how to go about buying your new property. Unlike many big corporates who view the mortgage as simply a transaction, a solid Mortgage Broker will help you right through the process. From getting you pre-approved at the beginning of your journey right through to when you settle on your new home. After settlement they also become your personal independent loan manager when your re-fix(es) come up for expiry and for any loan queries.
“That’s all I get from a mortgage broker?”
Never underestimate the importance of an expert opinion. The internet can inform you only so much. Also, they don’t only give advice, Mortgage Brokers do a lot of the research and take care of the majority of the paper work. Of course they work to the bone to get you the best rate and loan structure. Think of how much time and money you would have to spend doing the ‘leg-work’ work yourself. You might even get it wrong during negotiations at the bank as you are only dealing with their products, services and rate whilst a Mortgage Broker understands all of the options in the market.