Mortgage brokers are home loan and mortgage advisors that help borrowers find the right finance option to purchase or refinance a property. They usually act as a bridge between a customer and a bank when applying for a home loan.
Here’s a look into what a mortgage broker does for borrowers:
If you’re still hesitant to get a mortgage broker working for you, it’s worth noting that data shows the broker market share hit a record high, which points to the rising need for home loan guidance and consumer confidence in brokers.
The majority of survey respondents also feel that working with brokers made the process faster when dealing with financial institutions as compared to going directly to lenders, as the broker handles most of the back-and-forth with the financial institution.
Furthermore, mortgage brokers have a legal obligation to put your interests first. This is known as the best interests duty (BID), and gives you the peace of mind your mortgage broker will always act in your best interests when recommending a home loan. BID doesn’t apply to lenders. That means if you approach a lender directly, they aren’t legally required to offer you a product that best matches your needs.
A trusted mortgage broker will put your best interests first. Through their years of experience and market expertise, they mortgage brokers are in the best position to explain to borrowers all the different loan products and features available to them. For customers, knowing exactly what they can expect from the loan agreement both in the short and long-term can help mitigate the risk involved, so they can move forward with their property goals in confidence.
It’s worth noting that brokers are generally paid the same from bank to bank, which means borrowers need not worry which bank your broker suggests to go with. You can trust that your broker will suggest the best home loan option that fits your circumstances.
Mortgage brokers walk you through the home loan process from start to finish. They provide the best deal for you, instructing not only what you can borrow but how much you should borrow too.