Understanding the difference between a mortgage broker and a real estate agent is important to help navigate your journey through property ownership and real estate investment.
In a nutshell, real estate agents work on the processes around buying and selling a property, while mortgage brokers specialise in arranging the finance needed for your property purchase.
Here are some key facts about the difference between real estate agents and mortgage brokers:
- A real estate agent helps you access a variety of homes on the market, in order to find the one that best suits your home ownership or property investment goals. Because they have access to property listings and comprehensive knowledge of the local market, including which up-and-coming areas to watch, they help you find the property you’ll love.
- A real estate agent may introduce you to various home property options, however, knowing more detailed knowledge about which mortgage product works best for you is the domain of a professional, licensed mortgage broker.
- Licensed real estate agents are there to help you buy or sell a property.
- Mortgage brokers have relationships with banks and non-bank lenders to ensure you can access the best possible interest rate and home loan product to suit your financial circumstances.
- Professional mortgage brokers are experts in the field of accessing competitive interest rates and tailored home loan solutions, including new mortgages and refinancing an existing mortgage.
Benefits of Mortgage Brokers
Having a relationship with an experienced mortgage broker can give you access to home loan deals you may not otherwise know about.
Because they have built their professional reputation on nurturing valuable connections to home loan industry specialists, they have a comprehensive knowledge of a huge range of loan products to suit your needs.
Mortgage brokers can save you time, money and stress by taking care of interest rate negotiations and paperwork – ensuring your home loan application is processed effectively and efficiently.
Their industry is heavily regulated, so when you work with a professional, licensed mortgage broker, you have the peace of mind that comes from knowing you are in experienced, trusted hands.
Mortgage brokers may also be able to assist you with other loan products – including vehicle loans and other credit-related guidance.
Mortgage Brokers Can Be Real Estate Agents
Your mortgage broker can also be a licensed real estate agent. Although some people prefer the idea of a one-stop-shop service, others prefer keeping their mortgage choices and real estate shopping separate, to ensure they are being given the right advice with the best possible intentions.
Having Your Best Interests At Heart Matters
Buying a home is one of the biggest investments you will ever make.
Whatever loan product you choose, it is important to enter the financial commitment knowing you have had access to the right research and options, to help you identify the deal that suits your financial needs and goals.
To help you learn more about how working with a professional mortgage broker can help you achieve your property investment goals, talk to our team of accredited home loan specialists at Lending Specialists today.