What is the advantages of using a Mortgage Broker?

Advantages of Using local mortgage brokers in Sydney

There are several advantages to using a local mortgage brokers in Sydney versus a bank. Doing the research and finding a mortgage lender on your own can match some of the benefits of working with a broker, but a mortgage broker may have access to more resources. local mortgage brokers
  • Help with prep. You can start working with a mortgage broker reasonably early in the homebuying process. In addition to answering your questions about getting a home loan, a mortgage broker can help you go about gathering all the documents and information you'll need to apply for a mortgage.
  • Access to various loans. A loan officer can only present you with home loan products the bank currently offers. A mortgage broker, on the other hand, can help you obtain any home loan. If you're looking for a type of mortgage that's less common, working with a broker can give you a shortcut straight to the relevant lenders.
  • Customized assistance. Suppose you're someone who might not qualify for a home loan, or you have circumstances that require more explanation (for example, gaps in employment or a thin credit file). In that case, a mortgage broker may be able to help you find lenders who will be amenable to your situation. Even if you're a borrower who wouldn't have any trouble getting a mortgage, a broker will meet with you (in person or virtually), go over loan options, highlight points of comparison and support you in making an informed decision.
  • Getting a mortgage is a time-intensive process. Even after doing all the due diligence to find the right bank for you, the actual application and loan closing process are intense, with lots of back-and-forth and requests for documents you swore you already provided twice. A mortgage broker will generally handle the paperwork and lender wrangling on your behalf; a good mortgage broker will save you time and stress.
  • CONNECTIONS TO LENDERS Unless you also work in the mortgage industry, you probably don’t have easy access to a big selection of lenders. However, part of a broker’s job is to connect clients with lenders, so naturally, their network includes a range of industry professionals. They know which lenders might be suitable for you based on your needs, and they can match you with professionals who are likely to serve you best. Plus, brokers often hold weight with lenders because they show a client is serious and connected with a professional already. In fact, some lenders will only work with clients who have a broker, so using a broker opens you up to more opportunities.
  • SAVES YOU TIME-Finding the right mortgage lender can be a lot of work. On top of what you already have on your plate, it’s no secret that buying a home can be a stressful experience. You already need to think about securing a real estate agent, finding properties, saving your money and working out a budget. Finding a professional to actually approve you for a mortgage is one more task to add to your to-do list. Using a broker takes away the stress of finding a lender, as they take care of this for you. Brokers can also help you with other tasks, like sorting out your budget and recommending real estate agents they have worked with in the past. In a fast-paced market, you need to get things done quickly, and mortgage brokers can help you find the most suitable solution in a timely manner.

Ready to speak to an adviser?

Talk to an expert