With so many different banks, credit unions, building societies and other lending institutions to choose from, it can be difficult to know which one will be best suited to your needs. Fortunately, a mortgage broker can help you compare the options available and even arrange special deals.
A mortgage broker acts on your behalf to do all the hard work of applying for a mortgage for you.
What does a mortgage broker do?
Most people are aware that a mortgage broker is able to research and compare all the different mortgage types, interest rate options, and package deals available from a range of lenders. Essentially, they do all the shopping around for you to discover the best options.
However, a mortgage broker’s job is far more involved than many people realise. A mortgage broker will negotiate with various banks, credit unions, and other lenders on your behalf to arrange the right home mortgage to suit your financial goals. All lenders have different credit policies, so a good broker will already understand which ones are more likely to be more lenient for the type of finance you need.
When the right home loan for your needs is identified and chosen, your mortgage broker will then help you complete the application process.