Why Use a Mortgage Broker?

Are you wondering whether you really need to find and use a mortgage broker near me, and are not sure they will have anything to benefit you? Maybe you do not know exactly what one is and what they offer? Here is a look at this topic and what advantages there are to using mortgage brokers in Australia.

About mortgage brokers

A mortgage broker is an official representative of the Australian lending institutions, all of them. Whereas a bank representative will work for one lender and offer services and guidance on that one lender’s options though a mortgage broker acts for all lenders, unions, banks, private lenders, finance companies and so on. They are able to analyze your needs and not just offer the best for you that one bank offers, but the best product from many.

Benefits of having a mortgage broker

How does it benefit you to find and use a mortgage broker Sydney? Here are a few of the main advantages to using one.

  • Mortgage brokers save you time – When you try to shop around 5 or 6 major lenders yourself the process can be very time-consuming. Having a mortgage broker means you have all that knowledge in one person ready to meet with you when it suits you. You can save energy and precious time.
  • They save you money – A lot of the reason some do not even approach a mortgage broker is a belief that it costs a lot of money. Most brokers actually do not charge much if anything though because they get paid by the lenders when they bring in your business to them. You can get unbiased information too.
  • Only one credit inquiry made – One of the biggest issues when it comes to borrowing money is your credit score. You might not have realised but each time you talk to a different lender and apply for a loan they will check your credit score. This is an issue because having too many checks on your credit can actually have a negative impact on the score! When you find and use a mortgage broker near me they are only doing one credit inquiry and then that information is forwarded to the potential lenders.
  • Quicker approval times – You can often get approval as quickly as 24 hours after application when you use a mortgage broker.
  • Better rates offered – You can get the best rates around because your mortgage broker knows what is available and which would work best for you. A mortgage agent relies on recommendations and repeat customers. If they started playing games they would get a reputation and lose clients. Additionally, some lenders reward clients for using mortgage brokers that bring them your business with special rates.
  • Better understand the process – With a mortgage broker Sydney based you can take some time getting to know them and be comfortable with them, and they will be happy to explain anything you are unclear on, in terms you understand.