By Katherine Many homebuyers hire a Mortgage Pro to assist them in their search for the right mortgage. There are many benefits to working with a mortgage broker.
Here is a list of top 8.
- Savings: Mortgage brokers have access to multiple lenders. They have access to lenders that you are familiar with and those you might not know. Mortgage Brokers have an ongoing relationship with lenders and can advise you on your mortgage options without you having to do all the legwork that you would need to to find some of the information that a Mortgage Broker has.
- You save money – Mortgage brokers, if successful, can access discounted rates. Due to their volume, lenders offer discounts rates that aren’t available through the branch that you visit.
- It will keep you from being stressed out! Finding a mortgage can seem daunting. A mortgage broker Sydney will help you with this task. Your Mortgage Broker will make sure that all the paperwork is in order. They will stay in touch with you to keep you informed about your mortgage status and any potential complications, so there are no surprises.
- You have access to lenders that are not normally available to you. Some lenders only work with mortgage brokers. The layman is not able to access these lenders and therefore cannot use the mortgage products and discounted rates these lenders offer.
- All services are free. Mortgage professionals are paid by the lender, not by you. This isn’t a disadvantage for you. A good Mortgage Broker will always look out for the client’s best interests. This is because if you, the client, are satisfied, they will share your experience with you. Referrals are an important part of the business model for Mortgage Professionals. This means that if you’re happy and have received the best possible deal, your friends and family will also be referred to them.
- We are ready to take on any challenge. As Mortgage Professionals, our team is familiar with every situation and works to ensure that each client understands the financing options available to them for a mortgage. Low income or damaged credit might seem to be a problem for banks, but a Mortgage Professional is skilled in how to approach lenders and can create a strategy to ensure that every client gets a mortgage.
- Regulators oversee the mortgage brokerage industry. As Mortgage Brokers, it’s vital to have principles and values that serve the best interests of clients. To become licensed, Mortgage professionals must be familiar with the principles and values of the Financial Institutes Commission. This is a provincial governing body that oversees this industry. FICOM has the mandate to ensure that all Mortgage Brokers act in good faith and the client’s best interests.
- The Mortgage Broker is more knowledgeable than your bank about the available mortgage products. However, they must be licensed before they can discuss mortgages. This is different from the bank which can “internally” train their staff to offer the products they sell. Your bank staff does not need to be licensed mortgage professionals.