Top Benefits of Working with A Mortgage Broker



If you are thinking about investing in your very own property, then you have most likely been thinking about mortgages.

Mortgages often fill people with dread and fear, wondering if they will get one or if they have enough deposit saved, etc.

Some people automatically turn to their bank for help and advice, whereas others will enlist the help and support of a mortgage broker instead.

There are many options available to you if you are currently looking for a mortgage or planning on remortgaging, and one of the things you may have to consider is what kind of rate you prefer, an offset, a fixed rate or a variable rate deal?

Things can get rather tricky when you don’t have much knowledge on the subject of mortgage rates, and this is where a mortgage broker becomes your ‘knight in shining armour’. Brokers can advise clients with regards to mortgage size, they will do the maths for you, taking into consideration what you earn, and will be able to point you into the right direction with regards to finding the best mortgage for your specific case.

Here are some other advantages of enlisting the help of a mortgage broker:

Someone to represent you

Loan officers at the banks are working for the banks and the banks only; they aren’t there to represent you personally, whereas mortgage brokers are there to represent you and to serve your best interests.

Banks are generally limited to their own products and take into consideration whether or not you are a suitable candidate that matches their criteria, before issuing any mortgage. Mortgage brokers deal with a varied list of lenders, opening doors to more options available to clients, and often managing to secure better rates too. They will present your case to lenders in the best possible way, helping to secure a deal that’s good for you.

Remove the hassle

Securing a mortgage can be a lot of hassle, not to mention time-consuming. Mortgage brokers can ease that pressure by doing all of the necessary paperwork for you, on your behalf. The broker will also do all of the negotiations with lenders, and due to their expertise with regards to financing, you may even decide to use their assistance with other related matters in the future.

Finding the best rates

Like with most things in life, the only way to find the best deal is to shop around. That is precisely the job role of the mortgage broker. They commonly manage to secure lower rates for their clients due to their financial expertise and excellent relationships with potential lenders, which puts them at an advantage for negotiating rates.

Banks and non-bank lenders have different criteria when it comes to lending, and this also changes often.

Brokers often manage to secure deals, even if clients fall out of ‘their acceptance criteria’ thanks to the trusting relationships that they have built with these lenders for many years.

Individual and personal to you

Brokers will work on a case by case basis providing a service which is personal to you. They will do their utmost, taking into consideration your circumstances, to help find a mortgage deal that is right for you. Using the services of a mortgage broker not only takes all of the stress out of it (because they do the paperwork and negotiations on your behalf) but also provides a higher chance of getting accepted. They will assist you in every step of the way, from start to closing the deal.