Why you should use a mortgage broker

There are so many home loans and mortgage lenders on the market right now, so how do you know that you're getting the best mortgage loan for you? If you are looking to buy a property, you might find it more convenient to rely on a mortgage broker to do the legwork and home loan research for you. Mortgage brokers will be able to give you professional and independent financial advice to match your needs and find you a suitable home loan. In addition,a mortgage broker will save you time, effort and most likely money in selecting a home loan.

What do mortgage brokers do

A mortgage broker will save you time, effort and most likely money in selecting a home loan. To do this, they will do the following:

Assess your needs

Mortgage brokers will take the time to discuss your needs and circumstances with you. This gives the mortgage broker the opportunity to determine which type of home loan is most suitable depending on your financial circumstances.

As part of the home loan process, you will need to provide documents to support your identity and financial situation. These will include a 100 point check list for identification, personal bank statements to demonstrate savings (if applicable), tax returns, payslips, outstanding loans, statements, etc. Your mortgage broker will advise you of the relevant documents that you need to bring with you to your meeting to facilitate this process.

Once your mortgage broker has a clear understanding of your financial situation and goals, they will discuss the various home loan products available. A mortgage broker will also provide you with product comparisons and inform you of proposed mortgage repayments and any upfront and ongoing fees.

Find a suitable home loan for your situation

The mortgage broker will then search their database containing hundreds of home loan and mortgage products from many different mortgage lenders, including major banks, smaller banks and other lenders. This database is constantly updated and has details of the latest deals. Sometimes, a mortgage broker can have access to some exclusive home loan products that are not available from the banks or other mortgage brokers.

The mortgage broker will then recommend a product or products, which suit your needs. You will also be provided with a copy of the lenders comparison rate schedule. Comparison rates include both the interest rate and fees and charges relating to a home loan and are a tool to help you identify the true cost of a home loan.

Manage the home loan process

If you wish to proceed, the mortgage broker will then help you to complete the necessary paperwork and liaise with the mortgage lender on your behalf. This will include the completion and submission of your home loan application and the on-going communication between all parties until your home loan is approved and settled.

Provide advice at every step

There are many steps in the home loan process and your mortgage broker will help you from your initial steps, such as getting pre-approval (where your loan is "approved" based on certain conditions such as loan value) right through to possible refinancing at a later stage.

Post settlement service

After settlement of your home loan, you can be assured that your local mortgage broker is still available to answer any queries or concerns you may have about your loan. Your mortgage broker can also review your home loan every year to make sure that your home loan is still the best deal for you based on your needs and circumstances.

For more information on the financial services that a mortgage broker can offer or how they can help you with your home loan, call 1300 55 10 45 and speak to an experienced mortgage broker at Intellichoice today.