5 Reasons to use a Mortgage Broker

Deciding to buy a home is a big step. You have to determine if you’re ready to make this big decision and commit to it. Afterward comes deciding the best mortgage option that fits your needs. This step can be overwhelming which is why most first-time home buyers use a mortgage broker.

In this article, we’re going to learn what a mortgage broker does and why it’s essential for you to use one, especially if you’re looking to buy your first home.

What does a mortgage broker do?

If you look up the meaning of mortgage broker, you’re going to find a definition similar to this: 

“A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses.”

To make the definition more simple, a mortgage broker researches and discusses loan options with lenders on behalf of their clients. Their goal is to give their clients the best deal possible. 

They’re experienced in finding the best mortgage options with the best interest rate and less fees, and they can help you close the loan on time.

What are the benefits of using a mortgage broker?

The process of buying a home is exciting. In most cases, however, first-time home buyers go into the process not knowing what to expect, and therefore, have unrealistic expectations. When you have a mortgage broker, he or she is going to be your adviser and guide you throughout this process.

1) Best Interests Duty

Best Interests Duty is simply acting with the client’s best interest at heart. This duty applies to mortgage brokers and doesn’t apply to banks, meaning that banks are not subject to the customer’s best interests. Primarily, banks focus on selling you their products but won’t be able to tell you that you should get this loan or that because it’s suitable to your needs. 

Best Interests Duty is designed to ensure that our clients receive all advice they need to meet their objectives, financial situation, personal circumstances and individual needs.

2) Access to a wealth of information and expert knowledge

Experienced mortgage brokers can provide you with answers to your burning questions about home loans, fees, interest rates, and more. Even if you are not ready to settle, brokers are still happy to answer any questions you may have regarding the loan process. It’s a mortgage broker’s job to supply you with information from their years of experience and their familiarity with the real estate space.

At Vision, when providing information, our brokers have a degree of professionalism and empathy for your goals and want you to be able to achieve them. Our website also has an extensive range of articles regarding property and finance news, loan application terms, first-home buyer schemes, and other advice for people wanting to become homeowners or property investments. Additionally, our website includes a range of other resources and calculators, to help you with your property and finance journey.

3) Help you save time and money

When you go through a mortgage broker, you don’t have to do a lot of research about which loan fits your needs. Although it won’t hurt to do your own research, a mortgage broker has the ability to review your position and find a loan that is in your best interests. This helps you save time and money on your loan. Mortgage brokers navigate the process for you and provide a higher level of guidance.

4) There are no fees

There are mortgage brokers who charge a fee but, commonly, there are no fees. At Vision, there are no costs for first-home buyers to use our service.

5) Access to multiple lenders to fit you with the right product and the right loan

A lender may reject your loan application, but won’t recommend another lender to go to for more loan products. On the other hand, when you use a mortgage broker, they will continue to find you a better deal. 

Mortgage brokers are constantly working with multiple lenders so clients have more options than a single lender could provide.  

So, should you use a mortgage broker?

Yes!

In the process of buying your first home, if you want a confident guide, a reliable adviser, and someone who has your best interests in mind, using a mortgage broker is the best option.

At Vision Property & Finance, our mortgage brokers have a wealth of experience and knowledge that will help you navigate the stressful process of buying your first home. We partner with multiple lenders to present you with loan products that fit your needs best. We recommend contacting us today, as we can help you get a loan that is suitable for you, your needs, and your property and finance goals.

If you would like more information, our website also has an extensive range of articles regarding property and finance news, loan application terms, first-home buyer schemes, and other advice for people wanting to become homeowners or property investors.

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