Getting a mortgage loan can be a challenge even with the vast range of choices available in the market. The terms and conditions can vary from one lender to another. If you have experienced the process before, then you know that finding the best deal is frustrating. Shopping, comparing, and negotiating can be a time-consuming process. In addition, not all effort will result to success. Fortunately, getting the services of an Australian mortgage broker can greatly help in the search.
An Australian mortgage broker is a trained financing professional with specific expertise in getting residential and commercial mortgage loans. Because these brokers don’t work for any specific bank of financing institution, they can offer unbiased advice based on their experience and expertise. In many cases, an Australian mortgage broker charges a reasonable fee that can easily be afforded by the home owner.
Because a broker’s job is to find the best mortgage rate for their client, both first-time buyers and competent investors can benefit from their services. Not only will the Australian mortgage broker look for the best deal, they will also advice on the exact product that fits your financial objectives. Their vast network of contacts will eliminate the time-consuming process of looking for the best loan. Instead, the mortgage lenders themselves will be competing for your business.
Aside from this, the broker can also provide a wide range of financing alternatives including refinancing, equity refinancing, and mortgage renegotiation. From helping you buy your first home to getting a second mortgage, an Australian mortgage broker can help you do it all. It is not surprising that they are renowned experts in real estate financing.
Australian Mortgage Broker vs. Loan Officer
If you’ve talked with a loan officer from a bank before, you may have noticed that they are offering a variety of support services as well. Loan officers can provide different types of loans that will suit the needs of the borrower. However, their loans all originate from one source: the lending institution they’re working for. The loan officer essentially just processes your loan application. If it is approved, he will move forward to the transaction.
Meanwhile, you can think of broker as a scout. As a professional, their work consists of evaluating a person’s credit and finding out which lender is the best fit. They facilitate the transaction by submitting the buyer’s application to the lender and looking after it until the deal closes. To get this service, the buyer needs to pay a fee. In general, the better the deal, the more the Australian mortgage broker is paid.
There are pros and cons in getting the services of both a bank loan officer and a mortgage broker. For example, a renowned mortgage broker who came from out-of-town might not know about specific local conditions. They won’t know about the local heating problems, flooding, or specific regulations. These issues may delay the transaction. On the other hand, working with a bank loan officer from the local area limits your lending choice significantly. You may end up paying more than you should.
