Mortgage Brokers Explained

When it comes to finding the cheapest home loan on the market, there will always be the option to take care of the technical tasks, spend weeks searching and days stressing out about whether or not you’re applying for the right type of mortgage for your needs. But if you’re keen to cut through the hassle, you might be better off applying for your home loan with a mortgage broker.

Mortgage brokers explained

What is a mortgage broker?

In the simplest terms, they are financial specialists that work hard to compare the different types of home loans that are on the market at any given time.

What do they do?

This will typically depend on the type of broker in question, but generally speaking they can help with interest rate comparisons for investors (to find the lowest on the market), bank negotiations (to ensure that their clients receive the right deal for their needs) and application submissions (allowing the borrower to sit back while the technicalities are taken care of on their behalf.

Do you need to hire one?

If you want to make sure that you get the most appealing deal for your situation, then hiring a broker is greatly advised. Most will be very affordable and due to the competitiveness of the industry, you might find yourself having to invest a much lower amount of money than those that would have hired brokers several years ago.

Can they really help to get a cheaper rate of interest?

It’s what they do – and much more. Many have access to a database of information relating to the rates proposed by banks in real-time and when considering that they can also compare the individual terms and conditions of a home loan to ensure that their clients’ needs are matched – they can be a real asset to any mortgage application.

How can you hire one?

Just a quick search online can help to point you in the right direction of a broker, or you could ask around in your local suburb or district to see if anyone knows of a good service in particular.