Long gone are the days were you became friends with the local bank manager in the hope that he or she would’ look after you’ when you needed them. The simple fact is; these days are over due to the increase of competition in the lender space. The big 4 are struggling to keep up with some of the genuine alternative second tier lenders. It’s time to find a loan product that suits you, not the bank.
So what is the solution? Get a mortgage broker on your team. With well over 1500 different loan products on the market, there is no other logical solution to finding the best deal. Generally, a mortgage broker does not charge you for their services. They receive a commission payment from the lender which best suits your needs. So the basics of it are; you could sift through 1500 loan products yourself at no cost to you, or, get a mortgage broker to do all the hard work at no cost to you.
When looking for a loan, does the lowest interest rate mean it’s the best product? Obviously the interest rate makes a huge difference when comparing loan products but, it doesn’t always mean that it best meets your needs. You should always look at the comparison rate when comparing, this is the actual cost including fees and charges.
Still not convinced you need a mortgage broker? Let’s keep it simple with 4 more reasons to use a mortgage broker:
We start by meeting you at a time and place that suits you – at home, at work or over a coffee; during the week, at night or over the weekend – we’re always flexible. We’ll look at your current loans and financial circumstances and then research and find the right solution for you. We take care of the paperwork, manage the application process and then take it through to settlement.
2. It’s fast.
We can get things moving quickly. We’ll work with our lender networks and contacts, securing your finance as fast as possible.
3. It’s more than just loans.
Lenders will ask you to take out insurance on your new property. We can help you arrange cover to keep the approval process moving quickly and hopefully save you some money.
4. It’s all about you.
We work for you and not the bank. We get to know you personally to understand your unique circumstances. From our experience we know which lenders will have the product that will meet your needs. And we negotiate for what’s right for you, not what’s right for the lenders.
Article written by Brad East from Wiseguy Finance.