Believe it or not the use of a mortgage broker has many advantages. Just two will be discussed in this report.original site
As stated, many (maybe even you) may find it isn’t a difficult task to source and apply for a suitable loan with the easy access and excellent source of information offered by the internet, but here’s something you may not have noticed. Everyone in the finance industry understands the big players. They’re commonly referred to as the famous four here in Australia. If you stop and think about other lenders you may have seen on television advertised or heard on the radio for a while, you might be able to add another five or so lenders to those you know. Could you name thirty lenders, think?
Many licensed mortgage brokers have exposure not only to the larger players but also to about thirty borrowers who provide a number of home loan services and other financial products. Each has different features and different options. Luckily brokers also have access to advanced tools that sifts to identify the home loan that best suits the current and future needs through these items.
In many cases these less known but highly competitive lenders only offer their products through the broker network-you can’t walk into a branch, and you can’t apply for the online loan. So if you’re not finding a mortgage broker’s assistance you might be losing out on a more affordable and acceptable loan.
A second reason might not have been discussed-or even conscious of-and this is because each lender has a different lending strategy. You may be focused on apps such as interest rate, redraw service, product stability and so on when searching on the internet. While these things are important, finding you a lender and a product that will help you achieve your goal is a whole lot more.
Each lender has a calculation of service that will determine how much they are comfortable in lending you, given your personal circumstances. You should probably assume that you would come out with a leveraging potential that wouldn’t vary too much if you put the data into each lenders calculator…. You’d say you were incorrect! The disparity between what one investor is willing to allow and what another is fine with can be tens of thousands-and that can mean the difference between purchasing your dream house so having something a little less than dreamy. And , you should always be vigilant about making sure that you can pay what the investor is able to accept-just because they’re going to lend it doesn’t mean you can afford to! Everyone has different circumstances and living standards, so bear that in mind please.
The above situation applies to a run of the mill, permanent employee with a fairly simple example, but if you are a casual contractor, have a contract pay structure, are self-employed, have a smaller than stellar credit record or have some other financial situation that may not be straight forward, the argument becomes even clearer. Then it’s like trying to fit a round hole in a square peg… Good luck on that!
This is where your mortgage broker turns into your new best savior and friend! We know each institution’s loan policies with which they are certified to publish, they are trained in working with lenders ‘ representatives, and they will know how to rectify the condition or function within the rules of various borrowers to get you an agreement rather than a rejection! We know who is going to lend to whom and it will save you a lot of stress, fear, time and money… And they just make it so simple!
You would be hard pressed to think of a greater financial involvement in your life-other than maybe marriage and children! So why wouldn’t you seek the help of a specialist who has the expertise, the experience, the skills, the resources and the connections to make sure you have the latest that you can get… And in most situations for cash!