Will I Save Money Without a Mortgage Broker?

By: David Nalin


The simple answer is neither yes or no but “maybe!”
Perhaps you might be capable of doing the necessary loan searches if you have the same qualities and qualifications a professional mortgage broker possesses.

Go On Your Own
There are quite a few “professional occupations” that many of the uninitiated firmly believe can be personally done with a little research and reading. Although there are exceptions, and there will continue to be ones, most people seeking to find the best mortgage possible should obtain the best knowledge and skills all professionals possess that include:

• A good mortgage broker possesses in-depth knowledge about the Australian mortgage market with developed avenues of access.

• Ability to advise appropriate lenders to approach – or not – based upon their professional assessment of your personal financial situation

• A good mortgage broker is completely adept at finding lenders for people with less than perfect credit. A person in this situation should never attempt the borrowing process alone since a professional has those avenues of access already mentioned

• Understand the reams of accompanying paperwork for securing a loan that are necessary and can fulfil these form obligations swiftly and effectively since they more than likely have detailed experience with all lenders

• Many are privy to special loan deals not readily advertised on the open market. This can turn out to be a major advantage for potential borrowers since unannounced deals could be quite favourable

• Occasionally, due to experience and relationships with lenders, a good mortgage broker can negotiate lower rates and process fees

Warning Signs on the Road to Borrowing
As beneficial as it is to use a mortgage broker, there are some signs to identify when trying to select a good one – or avoid one that will not have your best interests in mind such as:

• A mortgage broker that tries to steer you toward lenders where their commission fee is higher. Always ask what their fee is for different lenders and be very wary if they do not offer at least three-to-five lending sources

• Be aware dealing with an “associate” mortgage broker who may be in training with a firm and not as experienced as you have been lead to believe. Although people in any profession need to start somewhere, allowing a new mortgage broker (normally an employee of a licensed one since there are legal requirements for becoming a mortgage broker) to “practice” with your loan needs

• One particular area of concern can be the hefty fee charged by some mortgage brokers who assess your financial situation causing a difficulty placing a loan. Although some will claim due to an adverse4 credit ranking, they have to expend extra time and effort to find a borrower when, in effect, they use borrowers that specialise in less than perfect credit lending

Professional Makes Sense
Use of a mortgage broker, specifically finding one online, is a great choice for extremely busy people who really do lack the time to educate themselves, yet alone conduct all the time-consuming, exhausting and usually stress-producing activities associated with finding a loan to suit your home-buying needs. After all, how often do you do your own dental work or write your own legal contracts?

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My Choice Finance is a Mortgage Broker providing cheap home loan at a very competitive rate. Whether you are an investor looking for investment loan or first home buyer, you should speak with our mortgage broker first for free advice and let us do the hard work for you!

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