Why Choose a Mortgage Broker?

Wed Oct. 28th 2015

Why working with a mortgage broker is worth it

House hunting is no fun. Awful houses, misleading ads, pushy real estate agents - not to mention eye-wateringly high prices. There's not much we can do about that process. But there is a simple way to skip all the legwork, negotiations, and painstaking calculations that come after you've found a house - use a mortgage broker.

Here's why using a broker can simplify at least one part of the house buying process:

Negotiation stations

Because brokers are independent; they can offer you mortgage options from a wide range of lenders. They're also high value customers for banks, which means they have extra bargaining power when it comes to negotiations. They do these deals every day, so they know who to talk to for the best deals – or to get tricky ones across the line. All this adds up to a better mortgage rate for you – or approval for a mortgage when everyone seems to be saying no.

Advice and understanding

A good mortgage broker will get to know your situation and your budget well. With this and their experience in the industry, they're able to offer you insightful advice, not just about mortgage rates. but about budgeting, payment plans and mortgage options. They can explain the often confusing world of compound interest and revolving credit in a way that you can understand. That understanding will give you confidence to make the right decisions and help you keep an eye out for issues in the future.

Less legwork

Talking to different lenders can be exhausting and time consuming - particularly if you have to take days off work to meet with banks. But, as you know, it's important to compare the rates available. A broker can solve both these problems. They'll use their connections to bring in a range of offers from different lenders, saving you time and effort. Because they get to know you and your situation as well, they can match you with a lender that suits your needs. Your broker is working for you, so they'll organise meeting times that suit you - many will come to your home in the evenings to make it easier.

A relationship that lasts

The best thing about working with a mortgage broker is building a lasting relationship. Sure, you're not going to buy a house every five minutes, but you're likely to do it more than once in your life. You'll find that you rarely deal with the same person at your bank, which means telling your story over and over again. If you have an existing relationship with a broker you trust, at least one part of the process will be simple.

Get mortgage advice from the expert brokers at Cave Financial.