Borrowers warned to brace for across-the-board mortgage rate increases
In today’s economy, choice is our biggest ally and with so many people heading straight to their bank when it comes time to apply for a home loan, they are missing out the significant benefits that choice affords us.
There are numerous reasons why seeking the advice of a broker for your home loan or any financial loan requirements, could be extremely beneficial to you and your personal buying choices.
Brokers allow you the opportunity to shop around for the best interest rates and overall best choices. They can become your best friend and partner against a world that is filled of money orientated banks. Seeking out a qualified industry broker can be the make or break of the application approval process.
Importantly, a broker is not employed by a bank. A broker is employed by you, the borrower. When you are in front of a broker you are sitting in front of several banks with various product offerings. You will find it quick and easy by being able to weigh up the various options, interest rates and so much more by having just one point of contract.
Your broker becomes like family. Their sole priority is to find you the best solution that is financially feasible to you and in your best interests. A broker will hold your hand from start to finish and hopefully for many years and properties to come. It is in a broker’s best interest to fight for you. A broker will also follow up on the progress of your application and give you regular updates, which can be extremely time consuming and frustrating if you are being pushed from pillar to post.
Often bank staff will be qualified in handling various matters including those of personal banking and other unrelated tasks. A broker on the other hand specializes in property loans. They are trained and experienced in one area.
Brokers are often their own business and are committed to the clients in the long term. Brokers generally have many years of industry experience. Brokers generally can advise you upfront who would be the more likely bank to approve your loan application, what the various requirements are from each bank and which banks may not be suitable to your situation, avoid wasting your time and effort.
So before you head straight to your current bank, perhaps spend an hour or two with a broker and see what beneficial advise they can impart upon you!
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