Professionals Real Estate 
Three reasons to use a mortgage broker
With interest rates at record lows there’s possibly no better time to take a look at your mortgage options, but a lot of people don’t know where to begin.
There’s a multitude of different mortgage products available on the market at any given time and the thought of having to sift through and understand each one can seem like a very daunting prospect, particularly if you’re new to home buying.
Brokers take away the confusion
That’s why many home buyers turn to mortgage brokers to help them explore their options.
A mortgage broker can spend the time with you to figure out exactly what you’re looking for and do the research needed to find the most suitable product.
Some people may think that finding the best mortgage is just about getting the lowest rate possible, but there are other things you might want out of a loan too, such as flexibility or access to your equity.
They offer the advantage of choice
If you go directly to a lender they will also be able to guide you on what is the most appropriate loan for you, however they will be limited by the interest rates and products they have available.
This is where a mortgage broker can really shine, as they will have a range of products from various lenders they can draw upon to find the best solution for you.
Do keep in mind however that some brokers have access to more lenders than others, in what is often referred to as their “lending panel”.
Ask the broker you intend to use what their lending panel looks like, because ideally you want your broker to have a wide range of lenders they can draw upon to offer you more choice.
They will guide you through the process
Once you’ve found a broker you’re happy with they can take away a lot of the heartache of applying for a home loan by filling in all of the paper work for you and getting everything together that you’ll need for a successful approval.
A good broker will speed up the approval process too, simply because they are prepared to deal with any of the common holdups that could occur during a loan application.
It’s also handy simply having someone you can call up and ask for advice about your loan when you need it.
It is imperative that you find a good mortgage broker if you want to get the best service though, so don’t be afraid to ask around for recommendations and ensure the broker you use holds all appropriate licences and qualifications.
