4 Reasons You Should Seek Help From An Independent Mortgage Broker

1. 4 Reasons You Should Seek Help From An Independent Mortgage Broker It is not uncommon for first-time property investors to rely solely on the advice of the bank’s mortgage officer. You’ve been banking with them for several years and trust them. Besides, the bank’s mortgage loan officer has good knowledge about their products and knows which one suits you perfectly, right? But are you actually getting all the help you deserve? Probably not! Here’s why we think you should seek help from an independent mortgage broker for advice on mortgage strategizing and loan structuring: More Competitive Interest Rates: The bank’s loan officer is there to sell products only offered by his bank. Those loan products may or may not be best suited for your situation. An independent mortgage broker can help you pick the most competitive deal –a product that’s not only ideal for you, but also on the terms you’d like. Better still, choose brokers who has a Premium Broker Status. Such mortgage specialists have long-standing relationships with banks and have access to exclusive loan packages, discounted interest rates, and flexible lending terms. They can also help you skip the red tape and ensure fast loan approval. Better Loan Options: Independent mortgage brokers do not limit their offerings to a select few products. They work with several banks and other lending institutions across Australia to help you shop for the best loan options. Remember to check with the lender about the number of lenders they deal with. It’s good to choose a lender who offers more choice, but with too many lenders, the mortgage broker is unlikely to know all their products well. Mortgage brokers with around 20 lenders on their books are ideal. Free Service: Independent mortgage brokers are paid by the bank once the investment or home loan is approved. You do not have to pay a single penny towards their service. However, MFAA accredited mortgage brokers are legally obligated to disclose these fees or commissions paid to them. A good mortgage broker promptly reveals the amount of commission they have received just so that you know that there is no hidden agenda. Saves Time: Wouldn’t it be great if a mortgage broker could do all the research for you by comparing the different loan options and even negotiate lending terms and interest rates on your behalf? That’s exactly what an independent mortgage broker does! Some brokers offer a loan concierge service where they follow up with banks on the loan approval process and keep you updated with the latest developments. Independent mortgage broker can help you with loan structuring and strategizing to help you maximize your long-term investment returns.

2. Author Bio: Mortgage Corp is a Melbourne mortgage broker offering advice on mortgage strategies for property investment.