Using a mortgage broker Coburg

Mortgage brokers are helpful to all potential home buyers.  Whether you are buying your first home, or looking to invest, they can help you to understand today’s home loan market and give you access to many different lenders and products.  If you are a first homebuyer then you may find a mortgage broker particularly helpful when searching for the best deal for you:

You can of course, apply direct to a lender, however you would not be able to consider the full range of options available, instead you would only have access to that lender’s services and products.  Using a mortgage broker offers you more choice and often a greater chance of approval.  A mortgage broker can also assist you all the way through the process, helping you right up until and including settlement.

The main responsibilities of your mortgage broker are to offer you a range of options and then help you to get the best deal that is right for you.   They will look at your financial situation, what your long term and short term property goals may be and then help you select the correct match of home loan.  Your mortgage broker will also be able to guide you through the settlement process.

You do not pay the mortgage broker for the services.  The mortgage broker is paid by the lender once settlement goes through.  Regardless of how much the lender pays the broker, you will still pay the same rate.  The interest rate you pay on a loan in generally the same as if you had gone directly to that lender yourself.

Yes, using a mortgage broker when negotiating with your current lender has many advantages.  Firstly, if you are not comfortable negotiating yourself then your mortgage broker will be able to negotiate on your behalf, armed with their experience and knowledge of the home loan market.  Secondly, the lender will know that the mortgage broker is working to get you the best deal and this can be a big advantage.