Buying your first house is exciting and perhaps a little confusing. One decision that can make it a lot smoother is to choose a mortgage broker at the start. They know what is available and can find the home mortgage that will suit your needs. A reputable finance broker in Perth WA says that being experience is the only way to deliver tangible results to clients. They can save you time in filling out applications and comparing for the best terms and conditions for finding the perfect home. Here are more benefits
Some Benefits of Using a broker for home mortgage
Saves your time
Not using a mortgage broker means you will be spending countless hours searching for loans from various institutions. Then you will spend more time completing an application for each lender. In the busy world of today having a professional do that works for you is priceless.
A good network
A mortgage broker will also have a broad range of sources to offer the best rates and payments. With one simple application completed by you, they will be able to browse the different deals from lenders and find one that suits your needs. They look for the best terms from major banks, credit unions, finance companies, trust companies, and local lenders that may not be a part of the common network of lenders. They also know what the interest rates are for each lender.
Works for you
Unlike a bank loan officer, they work for you and not the lender. So, if you are in a position and want to put down less than 20% for a down payment, a broker will find a lender that will work with that amount. A bank you have been with for years may say no to anything less than their set percentage.
Stands a better chance
If you happen to have bad credit and try to obtain a loan on your own, you might very well apply with unsuitable lenders. You will be denied, and your credit rating will probably be damaged further. Having a broker will stop that from occurring since they already know which lenders can help people with bad credit. They approach the right lenders right away without damaging your rating.
They do not charge you anyway
Having a mortgage broker is great, but how do they get paid. The lender pays them a commission based on the type and the amount of the loan. However, they do work for you. There are many honest brokers, and you can find one by asking people you know or your realtor for referrals. Also, ask the broker for references and check them. Most governments also have a committee or group where you can find out who has had disciplinary actions taken against them.