How a mortgage broker can help you find the right home loan
Whether you’re buying your first home, investing in a property, or looking to refinance your current home loan, finding the right home loan for your needs is one important financial decision you’ll need to make when you step into the home buying journey.
With many lenders in the market and different home loan options and features, choosing a home loan can be a confusing and daunting process. If you’re currently in this position and feeling a bit overwhelmed, a mortgage broker may be able to help you navigate this process to help you find the right home loan fit.
First home buyers
Are you looking to buy your first home, but don’t know where to start? You can consider reaching out to a mortgage broker for guidance to understand the home buying process.
Brokers usually have first-hand information on the lending criteria and product offers from the banks and lenders they work with. They can help you assess your finances, do the research for you to find suitable mortgage options for your needs and guide you through the application process.
If you are just starting out in the real estate game or looking to expand your investment portfolio, aside from seeking professional advice from an investment advisor, working with a mortgage broker could help you improve your options when securing finances.
Brokers usually have a wide panel of lenders they work with and they often have access to exclusive offers or products that are not accessible to the public. You can also benefit from a broker’s experience and expertise in the industry to help gather the research you need for your investment opportunities.
Home loan refinancers
With the cash rate at an all-time low of 0.10%, it might be a good time to do a home loan health check to find out what interest rate you’re paying on your mortgage.
For some borrowers at the moment, refinancing may not be the right option, however, if your financial circumstances are stable, and you want to refinance your existing loan to secure a better deal, a mortgage broker can help you along this process to find out all the nitty gritty details of your current loan and work out the numbers and costs of switching your loan.
What is a mortgage broker & what do they do?
A mortgage broker is a licensed home loan expert. They are a middleman between you and the lenders they work with. Their job is to gather information about your home loan needs and your financial circumstances to help you find the right home loan.
What do I need to consider when using a mortgage broker?
There’s usually no cost to use a mortgage broker, as they receive a commission from the lender you choose to go with. However, you do have to consider how they’re getting paid because it can have an effect on your home loan and what advice they give you.
Mortgage brokers may have access to hundreds of different loan products, but they generally suggest home loan options from the panel of lenders they work with, which may not cover the whole market – so it pays to do your research so you know your options as well.
Want to talk to a home loan expert? You can visit our mortgage broker partner, eChoice, to get all your home loan questions answered.
This article is sponsored by eChoice.
Credit Savvy receives a payment from the provider advertised in this communication. Once you click on a link or apply for a certain product you will be dealing with the provider and not us. We do not accept any liability in respect of any product from any provider.