Although understanding the precise roles of some financial services professionals can seem complicated, defining the role of a mortgage broker is quite straightforward.
Put simply, a mortgage broker is a financial adviser that specialises in sourcing home loans that match the needs of their clients.
They do their research and build relationships with lenders, then crunch the numbers you provide, with proof of your own unique financial circumstances, and showcase a range of options that are best suited for your individual needs.
They take away the time and hassle of finding your own information about interest rates and mortgage offers and deliver you a wealth of information to enable you to choose the best possible deal to help you purchase the property you want.
Mortgage brokers manage the loan application process on behalf of their clients and can hold your hand through the entire process – from application to settlement.
Benefits of working with a mortgage broker include establishing and nurturing a relationship that prioritises your financial interests. For anyone planning to build a portfolio of investment properties, a connection to a professional, experienced mortgage broker is highly recommended to help you access the right loan to help your wealth-building strategy turn from dream to reality, without costing you a fortune in fees and interest rates.
What does a mortgage broker do?
Think of them as the conduit between you and the lender. They do a thorough assessment of your financial circumstances and potential borrowing power, then present you with a list of home loans for you to choose from. Once the information is understood by you, the control to choose the loan you believe is best is back in your hands – without the time-consuming task of doing all the research yourself.
An experienced loan broker can help you determine exactly how much you can borrow from various lenders and, importantly, advise you on the maximum amount you should borrow – with an eye on future market fluctuations and forecasts.
Should you work with a mortgage broker?
Deciding whether to work with a mortgage broker or not is, ultimately, a personal decision. Although some people prefer dealing with the bank they have an existing relationship with, a growing number of discerning customers appreciate the value a mortgage broker can add to their lives – simply by the thorough research that enables you to have a complete understanding of a diverse range of loan products and interest rates available.
If you are a person who enjoys shopping around for smart deals – and paying less than some traditional market rates offered by big banks – working with a mortgage broker could be the best financial decision you ever make.
To find out if working with a mortgage broker is a good decision for you and your property investment goals, talk to our loan experts at Lending Specialists today.
