If you are someone who’s looking to buy your first property or home, you’ve probably thought of taking a mortgage. And so have you thought, ‘Do I need a mortgage broker?’ as well. You’re not alone. While there are stories of people out there (mostly on the web) who took the mortgage journey solo, here are some pointers why availing the services of a mortgage broker is more beneficial than directly approaching the bank.
They make it easy for you
While you might have closed in on mortgaging for your first home, you probably didn’t think of all the complex and confusing paperwork, processes that you might have to go through. Here is where mortgage brokers make it really easy for you. They’ve been through the process a million times before and will be in a position to make mortgaging worry free for you- right from the loan application stage to the settlement stage. In short, going for a mortgage broker makes ‘financial sense’.
They work for you, not the lender
When choosing a mortgage broker, you are choosing someone with extensive experience who will be working with your interests at heart. Mortgage brokers are not tied to any particular product or lender. Which means their decision making process is not marred by partiality over any particular product or lender. And you only get the best mortgage deal out there which is tailor-made for your specific needs.
A wide range of options to choose from
It’s a safe bet that a mortgage broker will have met more lenders than you have come across in your mortgage hunting journey. This also translates to another important factor- a broker will have access to several lenders and multiple loan options for you to choose from. Apart from the fact that you’ll be spoilt for choices, it also means that you’ll be able to weigh and compare your options via a broker before closing in on one.
Your application process gets faster
One big advantage of having a mortgage broker on your side is getting things done fast. Mortgage brokers nurture good relationships with lenders which means the turnaround time is a way lot faster than if you had approached a bank all by yourself. Not to mention that even if you want to go with the bank that you’ve selected yourself, a broker could help speed up the process still by taking care of complex paperwork and filings.
If you’re planning to approach a bank directly, then you must also know that bank might not have the necessary skill sets to assess and help keeping in mind your specific needs. But on the other hand, your mortgage broker can come with specific knowledge and experience about the type of mortgage you’re applying for. Be it property investing, loans for construction projects, commercial or non-resident loans, a mortgage broker will make the complex journey a hassle-free smooth experience.
In short, mortgage brokers are your partners who can make the financial journey easy to traverse for you with their thorough understanding of markets, loans and your needs. GPS Finance has been changing the lives of many by guiding them in their financial goals and aspirations. Get in touch with us and let us know how we can help you.
- 1 Feb, 2019
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