Save Time and Money by Hiring a Mortgage Broker

Nothing can be more exciting than buying the home of your dreams! However, it can also be stressful because obtaining the right mortgage, from the right lender and attending to all the requirements of a loan application can be a long time consuming and complicated process, especially if you are buying a home for the first time.

This is where a home loan broker in Brisbane can assist you. A home loan broker can assist you to find the right loan specific to your needs.  In addition to getting the best interest rate and lowest fees, a broker will ensure that the terms of your loan are favourable and that your loan can meet your future needs.   A broker will also assist with the preparation and processing of the loan application with a lender, saving you time and money and ensuring that it is approved the first time.

Due to COVID-19, the application and approval of a loan application has become significantly more difficult.  Some of this complexity is a direct result of actions taken by individuals surrounding their existing finances and loans. Mortgage Brokers at Brisbane Home Loans work with these complexities daily and their knowledge will assist you to ensure that you have a higher probability of getting your loan approved the first time rather than risk multiple applications with multiple lenders.

What is a mortgage broker?

The role of a Mortgage Broker can be described as a matchmaker between borrowers and mortgage lenders, where the broker considers all your lending needs today and in the future, and then finds the best lender and product amongst the hundreds of options available in the financial market.

In the advent that you qualify for an FHA or a DHA loan, you will be able to rely on the experience of a mortgage broker to guide you through the complexity and assist you in the application process.

A Mortgage Broker has the experience to quickly assess your individual financial position and establish the amount of money that a lender will feel comfortable lending you.

If helpful, a Mortgage broker can make an application with the right lender to have your loan pre-approved for a nominated amount. This type of formal pre-approval allows you to negotiate a purchase price within the pre-approved limit with confidence that your loan will be approved.

It is important to understand that a Mortgage Broker is not a lender of mortgage funds. Their role is to locate the best lender and the best loan that suits your specific lending requirements. Every lender is different in the eyes of the banks. This difference is attributed to an individual’s income, expenditure history, existing loans, credit card history, saving history and more.

How does a mortgage broker work?

The first step for a Mortgage Broker is to understand your specific financial health.  Your financial health is the full view of everything associated your income, expenditure, assets, liabilities, loans etc. Your Mortgage Broker will request all this information as part of a fact find.  When providing information to your Mortgage Broker, it is important that you include everything and that your responses reflect the true situation.

Once your Mortgage Broker has all your information, they can establish your strengths and weaknesses and then look to identify lenders that fit well within your specific needs. The Mortgage Broker will assess best loan options for you and come back to you with their recommended lenders for you to make the final decision.  Keep in mind that there is no benefit for a Mortgage Broker to recommend one lender versus another, therefore you can feel confident that the recommendations are in your best interest.

Once your lender is decided, the Mortgage Broker will assist with the loan application and the processing of the loan through to the end.  If a new purchase, the Mortgage Broker will work with your Lawyer and Agent as part of the process.

A good Mortgage Broker will also ensure they provide guidance and assistance with respect to any grants available to you and or assistance from Government. 

Most importantly, a Mortgage Broker will provide a superior level of customer service during your loan application and after the loan is in place.  Your financial needs do not suddenly end once your loan is established.  Before engaging a Mortgage Broker, make certain that the Broker has a strategy in place to support you post loan approval.

Conclusion

In order to get a residential home loan in Brisbane, you have the option of going directly to a lender or hiring the best Mortgage Brokers from Brisbane Home Loan. If you choose a Brisbane Home Loans Mortgage Broker, then you your loan will not come from just one lender but from the best of all lenders in the market.  They will help you in every step of the process right through to loan approval and provide the support you will need after that.

If you are thinking of buying a house or refinancing an existing loan, contact Brisbane Home Loan today and find out what they mean by “Good Old Fashioned Service!