The Benefits of Working with a Mortgage Broker in the Sunshine Coast

Buying a house in the Sunshine Coast is a costly endeavour and getting a good deal on your mortgage is a must. If you are new to the mortgage market, you may find it difficult to understand your options. Many people turn to their bank or building society for guidance. On the other hand, others choose to work with a trusted mortgage broker in the Sunshine Coast, such as Ethica Private Wealth Specialists.

Working with a broker offers many benefits over working with a bank or building society. Here are a few of them explained.

Greater Choice of Mortgages

The main advantage of arranging your mortgage through a broker is the wide range of mortgages you will have access to. A broker will have the knowledge, experience and connections to be able to assess your financial situation and compare it against the different mortgages available. This eliminates the need for you to scour the Internet and compare products on your own, a course of action that is not recommended for those who are unfamiliar with jargon associated with mortgages.

Exclusive Deals

Many lenders, particularly those offering specialised mortgages, operate exclusively via mortgage brokers in the Sunshine Coast. As a result, there is a chance a broker will be able to provide you with special mortgage deals. Alternatively, some brokers may be able to negotiate a deal with lenders on your behalf, helping you secure a more personalised mortgage.

Tailored Advice

A mortgage broker can look into your options and advise you as to which products are likely to meet your needs. They can also preserve your credit rating by shortlisting the lenders most likely to accept your mortgage application.

Convenience

Applying for a mortgage via a broker can help you to save time and increase your likelihood of success. Typically, you will only need to provide your personal and financial details once and they will be able to use them to find you a suitable mortgage and file your application.

More Affordable Fees

You may incur several different types of fees when taking out your mortgage. In some cases, a mortgage broker may be able to persuade your lender to waive some or all of these fees, saving you hundreds of dollars.

If you decide to use the services of a broker, make sure you research the mortgages they suggest and ask them for the reasons behind their choices. A competent broker will be able to explain their recommendations in a way that you understand.

Sources:

(Mortgage broker vs. bank manager: which is best? yourmortgage.com.au)
(7 Tips for Getting a Home Loan Approved, creditandfinance.com.au)
(Advantages And Disadvantages Of Using A Mortgage Broker, investopedia.com)