When most people hear the words ‘home loan broker’, it’s not uncommon for them to think of a specialist that deals with sourcing different types of mortgages for varying requirements. The thing about mortgage brokers is that they are often capable of much more than just comparing rates and options proposed by banks; so here’s a closer look at 3 things that you might not have known about them.
The power to negotiate
Some banks can be incredibly difficult to deal with; especially when expecting them to part with their cash. As a result, it’s not uncommon for certain lenders to propose pretty unfair terms and conditions to new borrowers; namely those that may have never received a loan before, or might not possess the most promising credit score. In these cases, a broker can often negotiate with a bank to encourage them to reduce their expectations in return for getting you on board as a borrower.
The potential to find the cheapest home loans
Cheap home loans are a dime a dozen, but the cheapest? They might take a little more effort to find. It can be possible to spend hours, days and even weeks online searching a range of mortgage package deals on bank websites – but this can be very time consuming. Instead, hiring a mortgage broker to take care of this activity can save you time and effort; whilst allowing you a much better chance of finding the right deal for your needs.
The ability to help with your mortgage application
Applying for a home loan can be a very stressful time; even for those that may have already done so before. Having access to a financial specialist that is able to A) help you to prepare your documentation ready for a submission and B) correspond with a loans officer can be very beneficial. Being able to turn to an expert for help with a mortgage application can help to minimise stress and reduce the amount of effort that you would be expected to put in should you decide to go it alone.