You can research the banks and lenders yourself, visit the bank and discuss your situation with them and then provide the information required so that they can approve your home loan. This can be frustrating at times as the different banks have different criteria and processes and you may have to visit a few banks before you get the loan approval that suits you. Some people know that the bank will approve their loan and therefore think the process is easier than going to a broker and sometimes this may be true as the bank may already hold security on your property and also have access to all your banking records. What you don’t get by going to the bank yourself is the knowledge that you are getting the best options and bank rates. Perth Broker – Finance Broker Perth is one of the authority sites on this topic. The loans officer may appear to be working in your best interests, but really they are working for their employer (the bank) and are trying to hit their own targets so they get their bonus.
Using A Mortgage Broker
A broker should have access to a number of banks and therefore be able to offer you a range of options. Most mortgage advisers or brokers these days have a process that they have to follow which starts with collecting your information and discussing exactly what you require now and in the future. The broker will then verify the information (check income, property values etc) then input this into the software package so they can properly assess and compare how the different lenders would treat the application.
Once satisfied with what can be done, they will submit your application to the appropriate lenders and get a written approval or loan offer for you. Good brokers will know if the bank is offering a good deal and if not will go back to the bank and negotiate on your behalf. A good deal is more than just the best interest rate and should also include how they will structure the loan, what security they are asking for and giving a flexible structure so that you can pay of the mortgage earlier and therefore cut years off your mortgage and save you thousands of dollars.
How To Find A Mortgage Broker
Brokers generally do not have large marketing budgets and therefore you do not see big advertisements and billboards promoting mortgage brokers. Most will get their clients from word of mouth referrals or from people who search the internet. Some people may see an advertisement or look up the traditional phone book but this is now not as common.
A brokers reputation is very important to them and because this is not a service that is used all of the time, they will generally like to build relationships with real estate agents, solicitors and accountants who will be talking with potential clients on a more regular basis. These professionals will generally only use a broker if they do a good job for their clients so you know that if you are referred a mortgage broker they should be a good mortgage broker.
The internet is becoming much more important as a marketing tool for mortgage brokers, but it is also a great place to publish information that may explain some details about the different mortgages, or explain what a mortgage broker does and therefore why finding a good mortgage adviser or broker to help you should be better than leaving it up to the loans officer at your bank.