How a Mortgage Broker Can Help a First Home Buyer
When most people think of mortgage and home loan brokers, it’s not uncommon for the first image to spring to mind is interest rate comparisons. These experts are incredibly capable when it comes to helping their clients to find the lowest rates possible, but it’s commonly misunderstood that they are only able to help those that are already on the financial ladder.
First time home buyers can also stand to benefit from the services offered by brokering agents; in fact, in many instances they can actually offer even more extensive features to those that are considering buying their first property. Why is this exactly? Here’s a look at how a mortgage broker can help a first home buyer in a little more detail.
Access to a range of lenders
One of the biggest struggles that any new buyer can expect to face is choosing the right lender. With banks now willing to lend their cash to applicants that don’t even hold an account with them, this can open up a lot of doors when it comes to applying for a home loan. As you might imagine, this process can be pretty long-winded and this is where a broker can come in handy.
As they will typically work with a variety of lending companies, it’s not uncommon for them to be able to get to grips with the financial options out there on behalf of a client and then report back regarding the most relevant options. Not only can this save time and effort for the borrower; it can also help to ensure that they apply and sign up to the cheapest loan.
There can be times when a particular bank is preferred, but their lending options might not be quite as appealing as one would like. In these cases, a good mortgage broker in Melbourne should be able to take the negotiations directly to the deciding body within the lending agency. In some cases they may be able to make a little wiggle-room for a lower deposit, a cheaper introductory interest rate, or even a longer repayment term.
The main role of a broker is to assist their client with their application process. As this period will encompass a range of comparisons, checks and evaluations – first time home buyers will likely find that using a broker can help them to find the most affordable house loan without having to spend weeks taking care of the research themselves.