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When seeking the assistance of a mortgage broker there are a number of things to consider to ensure you receive the excellent service you require. Mortgage brokers have a wide range of resources at their disposal and can deliver personalised solutions that the major financial institutions cannot.
The following tips will help you get the best help possible from your mortgage broker.
NOT ALL LOANS ARE THE SAME
Mortgage brokers specialise in matching customer needs to the different loan products available from a broad selection of lenders.
Many loans offer complex options and it is important to select the loan with the features you require and not added extras that may be both costly and unnecessary.
There are loans with redraw facilities, credit cards, lines of credit, fixed or variable interest rates, annual fees, exit fees and repayments that are set either weekly, fortnightly or monthly.
BE SPECIFIC ABOUT YOUR NEEDS
No matter how the features are combined, the extra cost falls to the consumer. A mortgage broker can help highlight the features that are the most important to you and eliminate the loans that are not a perfect fit.
A young couple with 30 years to pay off a mortgage will need very different loan options than a retiree. Someone seeking to finance 20% of a property that can pay the remaining balance within a few years may be more interested in minimising exit fees or in paying a slightly higher interest rate to gain the flexibility they need in the short term.
A thorough consultation with a Central Coast mortgage broker or any reputable mortgage broker around your local area is the chance to get down to specifics and narrow down the most likely loan candidates that would best suit the scenario in question.
ENGAGE A MORTGAGE BROKER AS SOON AS POSSIBLE
When considering seeking a home loan it is always advisable to consult with a mortgage broker as soon as possible. Most people have no idea about the range of loans available or the many options each loan can feature.
One’s financial decisions and actions in the preceding 2-3 years before applying for a loan can significantly impact one’s chances of successfully securing a home loan.
A mortgage broker can help highlight certain strengths and weaknesses of one’s financial position and suggest strategies that will be more appealing to the criteria lenders must meet in order to approve a loan. Because mortgage brokers know how the banks think and what they like to see, they are able to offer expert guidance with ample time to enact certain changes if required.
HONESTY AND TRANSPARENCY
The more honest and transparent you can be in disclosing your financial history and current income, debts and assets to your mortgage broker, the more they will be able to help find the right loan to suit.
A mortgage broker is the most helpful when all the relevant details, potential pitfalls and strengths and weaknesses of your financial position are known. Even a history of bad debt, loan defaults or minimal savings may still be able to be corrected and workable solutions found.
Mortgage brokers know how to deal with a variety of situations and anticipate problems before they occur. The options they provide can help create win/win outcomes for both the lender and borrower with very little effort or stress. One of the best decisions one can make when considering applying for a home loan is to seek the assistance of a mortgage broker. The value of such a decision cannot be overstated.