Wouldn’t it be incredible if you could sit back and have your mortgage application taken care of by someone that really knows what they are doing? Let’s get serious for a minute – how many first time applicants have the time to dedicate to finding out about the most affordable rates? How many actually know what to look for and how to decide on the fairest deals on their home loans?
Sure there are some of us that might be capable, but with the stress of applying for the first time, as well as preparing documentation, financial data, accumulating enough money for a deposit and discovering how much can be borrowed, is it any wonder why people are looking for an easier way out? Well, did you know that mortgage brokers can help with all of the above and more?
The benefits of hiring a local mortgage broker are so wide and varied that many applicants only realise them when they actually use their services. But we understand that you might want to learn more about how these financial experts can help with your mortgage application, and that’s why we’ve put together this list of benefits and advantages that even the most traditional broker can offer.
The ability to save time
If there’s one thing that first time mortgage applicants won’t have much of; it’s free time. Not only will you be working hard to accumulate your deposit; you might struggle to make time to view homes, let alone talk about your options with a loans officer. A good broker near you should be able to take care of these mundane tasks on your behalf and as they will be local, you could take advantage of talking to them at a time that suits you and your schedule.
The potential to find the cheapest interest rates
One thing that most good home loan brokers will specialise in is finding the cheapest interest rates out there. No two banks will offer the same rates and that’s why it’s so important to find one that can offer terms that will suit your finances. A broker will take care of the comparisons by getting to grips with the most up to date rates, all while you sit back and relax for a few days until you hear from them with their results.
The option to sign up to flexible deals
Most banks will propose specific terms with certain mortgage offers, for example one might say that they will provide a year with a fixed rate of 3.49%, while another may offer variable rates from the offset at 3.29% instead. A broker should be able to find the most beneficial deals, whilst helping an applicant to negotiate better terms with their chosen bank – simply to ensure that costs remain as low as possible, for as long as imaginable.
The reassurance of working with a local service provider
Although all of the above benefits can be hugely appealing, the truth is that they pale in comparison when compared to the fact that a broker will be able to reassure an applicant in a way like nothing else can. Although plenty of technical data will need to be provided (which can be quite daunting), the reality is that it’s the emotional stress that an applicant can expect to go through that can be the most detrimental factor. Knowing that a licensed expert is at your side can be hugely reassuring – and in many cases they can help to all but eliminate the stress that you are feeling.