Why you should get a Mortgage Broker?
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As discussed in the previous post, the first step of purchasing a new property is more challenging to a First Home Buyer. With the limited knowledge and experience, First Home Buyers will encounter many roadblocks and readily slip into pitfalls that may change the entire process.
In today’s digital environment, First Home Buyers tend to depend on what is available on google and forget reality. The reality is that there are Mortgage Brokers – Humans, who could understand your needs in a personal manner.
A mortgage broker could guide the First Home Buyers with more customised financial advice using their professional knowledge. With Royal Commission implications, the home loan application process has become complex. A professional approach to walking you through accurately will provide an asset a First Home Buyers must have.
Your mortgage broker could help you to prepare yourself for the perfect home-loan application starting from your financial assessment. Amidst your other financial commitments, credit score, lifestyle, life stage, non-financial goals, the Mortgage Broker will do an in-depth analysis to ensure that you will not run into financial hardship by committing yourself to a home loan. This analysis further improves the possibility of getting your home-loan application approved.
Your Mortgage Broker has an understanding of how each lender assesses the home loan application. They are also aware of the latest promotions and who will be qualified for those promotions. A mortgage broker, unlike a bank, will match you up with the most suitable product from a lender who will successfully accept your loan application.
When preparing yourself for the loan, the Broker will advise you to increase your credibility in the eyes of the lender. For example, they will suggest you settling your other financial commitments. He will check whether the stability of your income is acceptable to the lender. The employment-related matters may include the probation period, new employment duration, and maternity leave status. Another essential fact is Broker will check the acceptability of your genuine savings to the lender, and it is within the lender’s qualifying parameters. Last but not least, your Broker will polish your application to minimise errors to avoid rejection and delays.
Your Mortgage Broker is working towards understanding your needs and recommend the most suitable product. The product does not necessarily have the lowest interest rate but should be able to accommodate your commitments and goals.
Being the Mortgage Brokers, your association with us will not end at receiving the home loan approval. You can always approach us for advises and opinions related to refinancing, changing home-loan features, and interest rates.
One of our key features is after-hour and weekend service which is ideal for busy professionals.
Brokers will always put your financial needs first and will look for the best home-loan deal that would work for your current needs and financial capabilities. As a first-home buyer, having a mortgage broker is not a necessity, but it is good to have someone experienced and knowledgeable to accompany you in your journey to buying your dream home.
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Next post in this series
Are you planning to own a Home – Part 3 – Impact of your credit history on the home loan