A mortgage broker is your home loan expert. Mortgage brokers help you select the home loan that is right for your needs. They work closely lenders including the big banks as well as smaller lenders that you may not be familiar with. Everyone knows shopping around could lead to a better deal but it can be time consuming – so a broker takes the hassle out of the process for you and researches the market. A mortgage broker can offer valuable support explaining the home buying process and answering key questions you may have including “How much can I borrow?”, “How much deposit do I need for a first home?” and “What will my repayments be?”
WILL USING A MORTGAGE BROKER SAVE ME MONEY?
Mortgage Brokers have an up to date knowledge of the home loan market – the different types of lenders and competitive deals.
COST AND PAYMENT?
Mortgage brokers are paid a commission from your lender after your loan has settled
STREAMLINE THE PROCESS
As a home loan expert, your mortgage broker knows what it takes to get your home loan application over the line with the right lender. They’ll explain any steps you may need to take before applying for a loan. After reviewing your documents, your mortgage broker will also be able to explain any steps you could take to help your home loan application get the thumbs up with the right lender. Some of the paperwork you’ll need includes:
• Pay slips from work
• Bank statements that provide a record of your savings
• Some photographic ID such as a drivers licence or passport
• Statements of any other loans you may have including credit cards.
With the support of a mortgage broker you are well-placed to understand more about how buying a home works, and what you can do to start making your goal a reality.