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Why You Should Use A Mortgage Broker

Are you planning to buy or built your first home? Or are you looking  to refinance? In any case it is highly recommended to use a  mortgage broker in Brisbane  to make sure you get the right loan for your situation. Especially when you are new to the property market, all the different options and interest rates are very overwhelming, and it is extremely difficult to find the right lender if you don’t have experience in the industry. An experienced professional will help you to get pre approval for your home loan so you then go ahead and inspect properties in your budget.

What Do Mortgage Brokers Do?

Basically, a mortgage broker is the middleman between you and the banks and lenders toarrange a home loan for their customers. A Mortgage Broker should understand your personal needs and situation and based on that be able to tell you how much you can borrow. They explain to you the different options you have and talk in detail about interest rates, fees and other features of the different deals. A mortgage broker will guide you through every step of the way, from applying for your home loan to settlement in your new property.

Find The Right Mortgage Broker For You

Before you meet with your new mortgage broker, you should make sure they have a valid license to give you advice on your loan. Check with your friends and relatives if they can give recommend a trustworthy home loan broker that will take care of you and always act in your best interest. One of the top mortgage & home loan brokers in Brisbane are the experienced team from Newbridge Home Loans that will help you get pre-approved in no time. 

The Process:

Once you have found the right broker for your needs, you will set up a meeting to discuss your situation. You should prepare for this meeting by knowing what you want and what would be nice to have.  If you have a preferred lender, like your current bank, for instance, you can let your broker know and he will check whether that will be a good option or not. However, no matter what preferences you have, your home loan broker should be able to present several options to you and explain the benefits and downsides to each and every one.

When you have heard all the different options, it is on you to now ask the right questions. You can ask them what lenders he works with and what lenders they can’t access and make sure you know how they get paid in the process and whether that depends on the lender or not.  Make sure you know about all fees involved question you broker about the threshold for lender’s mortgage Insurance.

In the next step, you should receive a written quote from your broker, stating all the details of the chosen loan, including amount, type of loan, interest rate, duration and fees.

Hiring a mortgage broker allows you to relax during this very stressful process and gives you someone to talk to if there any problems or difficulties.